Record-breaking oil production in New Mexico is expected to provide state government with a multibillion-dollar surplus during the next fiscal year. Economists from four state agencies, including budget and accountability office in the legislature, said at a meeting of the legislative finance committee at New Mexico Highlands University in Las Vegas Wednesday that the state’s general fund income will increase to $13.05 billion for the fiscal year that starts July 2024 to create a surplus of $3.482 billion over current spending obligations (“new money”).
Oil production in New Mexico has doubled in the last five years so that New Mexico now ranks second to Texas after surpassing North Dakota.