Report: New Mexico leans on oil, gas revenue

A new report released this month detailing New Mexico's reliance on oil and gas shows diversifying the state's economy could prove challenging. The New Mexico Tax Research Institute found even counties where there is little oil and gas development have benefited from those industries, the Santa Fe New Mexican reported. According to the institute, $1.7 billion of $5.5 billion of the state's general fund last year was from oil and gas revenues. Furthermore, $207 million earmarked for 769 state projects — from water systems to parks — also came out oil and gas production. Much of the funding helps support schools and colleges. For example, Santa Fe County has mostly kept out oil and gas development because of a tight ordinance. Yet the report lists Santa Fe Public Schools as having received $81.7 million from the state general fund last year. Of that money, $25 million came from oil and gas revenues. Santa Fe Community College benefited from $3.9 million derived from oil and gas...more