We’ve already written in this space that the 2019 legislative session was the worst we’ve witnessed. Gov. Lujan-Grisham didn’t alter the session’s trajectory by vetoing any of the worst bills of the session. We’d hoped that the National Popular Vote might be veto-worthy, but late in her veto session she signed that one too.
Where does it leave us?
Despite claims that the Legislature was “diversifying” the economy, it did nothing of the sort. In fact, we’ll be even more dependent on oil moving forward. But, that may not be a bad thing…until it is due to the mind boggling increase in oil production in the Permian (oil production in NM has tripled since 2012) and relatively stable or even rising prices per barrel. See charts below:
While the Session went poorly for anyone who believes in limited government, the question now turns toward the 2020 elections (yes, we realize there is a 30 day session and some things can happen then). A few things come to mind, such as: 1) Will Republicans find a viable US Senate candidate or will they fade further toward de facto 3rd party status? 2) Will the NM Senate go the way of the House? 3) Will oil continue to carry the New Mexico economy or will New Mexico politicians have to reduce their wish lists and reduce spending?