Once Again Oil and Gas Provides Surplus Revenues for New Mexico State Government

KOB - Veteran New Mexico lawmakers are not exactly dancing jigs when they think about an estimated $250 million in additional revenues that the state now expects to collect in the fiscal year that just started on July 1.

That is because the new money will come mainly from higher oil prices, and lawmakers have seen those prices climb and plunge, often at the mercy of events clear on the other side of the world.

"You can't budget from year to year predicated on what may happen in that industry," said Rep. Tom Taylor, a Farmington Republican who serves as House Minority Leader. "All sorts of things affect those kinds of revenues. I think we should watch them closely. I think the plan is to get them into reserves, kind of keep them in that arena and that's what we need to do with them because we don't know what's going to happen next year." Read full story here: News New Mexico

Once Again Oil and Gas Provides Surplus Revenues for New Mexico State Government