Study: Oil and gas accounts for 31.5 percent of NM’s general fund

How important is oil and natural gas to New Mexico’s economy? This important: A just-released study shows that nearly one-third of the state’s general fund is derived from the oil and gas industry. “The results are no big shocker,” said Richard Anklam, president and executive director of the New Mexico Tax Research Institute, which crunched the numbers for fiscal year 2013. ”We just were a little more thorough about it. If anything, the numbers are a little bit conservative.” Anklam said the data is directly attributable to revenue relating to the oil and natural gas industry and determined that 31.5 percent of the state’s general fund comes from taxes, royalties and fees on the industry. The institute reported the 31.5 percent figure also applies to funding for public schools and higher education in New Mexico. Click here to look at the entire 325-page report that also includes a breakdown of oil and gas impact in each county...more