Permian Basin adds to revenue for New Mexico

As oil and gas exploration slumps in Oklahoma, New Mexico has overtaken the state, thanks to its share of the Permian Basin which stretches from West Texas into Southeast New Mexico.

The Corpus Christi Caller Times reported on growing revenue for New Mexico.

Texas has always been the biggest player when it comes to energy.

Nearly half of the oil and gas rigs operating in the United States are pumping in the Lone Star State, according to the latest data from the Energy Information Agency.

But it’s far from alone.

New Mexico is no slouch, either, thanks largely to the Permian Basin, the nation’s most active energy play.

Budget officials in the Land of Enchantment say the state is on pace to collect $275 million more in revenues, a trend they credit to strong oil production in southeastern New Mexico.

Oil drilling in Odessa, Texas

 “It’s our bread and butter,” said Missi Currier, president/CEO for the Economic Development Corp. of Lea County, in Hobbs, New Mexico.

Currier said Hobbs, Roswell and other New Mexico communities within reach of the Permian Basin have experienced population shifts that are tied to the oil and gas industry. She held out hope continued energy growth would eventually lead to increased spending for schools, road improvements and other quality-of-life ventures.

“It is our economic engine … but we’re hopeful it can also open the door to diversification,” Currier said.

Chris Ramirez, Corpus Christi Caller Times