At the Rio Grande Foundation we constantly are working to provide new and interesting perspectives regarding New Mexico’s economy. Traditionally the State which has a small population and no Fortune 500 businesses located here has not had super-wealthy people at the very top of the income scale.
One would typically expect that someone in oil and gas would be the wealthiest person in New Mexico with the State now the 2nd-largest producer of oil in the nation. But, according to Forbes, the wealthiest New Mexican is Array Technologies founder Ron Corio. He is also New Mexico’s first-ever billionaire.
Of course, solar is heavily-subsidized and becoming more so thanks to Biden Administration policies, so this is sadly fitting.
The fossil fuel industry is, thanks to BOTH political parties and similar favorable treatment around the world, the most highly subsidized industry of all time (IMF). Exxon Mobile knew about the deleterious effect of climate change in the 1970s (the Guardian) and covered it up. Corn, soybeans, wheat, cotton and rice are also subsidized here. The solar industry belongs to the future, fossil fuel the past.
Oil and gas are NOT subsidized.
Maybe you should detail those subsidies so us Oil and Gas Producers can see what we have not been getting.