Public Finance

 February 23rd 2016 - Written by: Julian Baca

Initial Impacts of Global Oil Supply & Prices on New Mexico Activity

New Mexico oil and gas production reached an all-time high last year, more than doubling from approximately 5 million barrels per month in 2009 to over 13 million barrels per month by the middle of 2015. Record high production has contributed to healthy tax revenue collections in recent years and has been a boon for economic activity in New Mexico’s oil producing regions, while also making an important contribution to statewide growth. Last month the global oil over-supply condition and growth concerns in China and other important economies pushed prices to the lowest level seen in twelve years. The decline was so steep, oil fell more than $75 in an eighteen month period. Since global demand growth is not sufficient to work off excess supply, the World’s oil producing nations have sought to cooperate on easing the oil glut in order to stabilize prices; negotiations have helped to somewhat counter… View Full Post


UNM Bureau of Business and Economic Research • Onate Hall at The University of New Mexico
303 Girard Blvd. NE, Suite 116; Albuquerque, NM 87106 • 505.277.2216 Main • 505.277.6626 Data Bank