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Report details state’s dependency on oil, gas revenue

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Posted: Saturday, March 15, 2014 10:30 pm

For decades, counties in the northwestern and southeastern corners of the state have reaped the rewards of oil and gas production.

Now, as other areas of the state weigh the benefits and costs of more oil and gas development, a new report shows just how dependent all New Mexico counties are on fossil fuel revenues — even those like Santa Fe County that aren’t producers. The report by the New Mexico Tax Research Institute details oil and gas revenues down to the county level and provides a glimpse of the state’s challenge as it tries to diversify its economy without hurting its bottom line.

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