New Mexico benefits from mind-blowing oil boom, but obsesses over theoretical declines

This week it was reported that New Mexico will indeed have a surplus (thanks largely to its booming oil and gas industry) of approximately $3.5 billion. The state is expected to generate a total of “$13 billion — exceeding annual spending obligations by one-third.”

As usual, the discussion that SHOULD be happening in Santa is over how to leverage this utterly unique opportunity for one of the “poorest” states in the nation to better diversify its economy and boost overall growth, but that seems to be a lost cause with Gov. MLG at the helm.

Instead we get statements like “By the end of the decade, oil income is likely to begin a long, steady decline, becoming a drag on revenue growth as global demand wanes.” Will oil and gas demand drop?

MLG and most other Democrats seem hell-bent on killing oil and gas, but despite more than a trillion dollars spent on “renewables” just since the Pandemic, demand for traditional energy sources continues to grow.

The International Energy Agency just raised its demand estimates for oil next year.

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