New Mexico, the No. 2 oil-producing US state, braces for possible end to income bonanza – AP
“SANTA FE, N.M. (AP) — A windfall in government income from petroleum production is slowing down but far from over in New Mexico as the nation’s No. 2 oil-producing state grapples with how much it can effectively spend — and how to set aside billions of dollars for the future in case the world’s thirst for oil falters…
“About half of the New Mexico’s general fund revenue can be traced to the oil and natural gas sector through an array of taxes and royalties on petroleum production that takes place largely on public lands — and distributions that flow from the state’s $28 billion land grant permanent fund for education, which is nurtured by oil income and investment earnings…”
Didn’t realize that NM is pumping more than three times as much oil as Alaska.
US State and Local Oil and Gas Revenues
List of countries by oil production
“The United States became a net petroleum exporter in 2020, for the first time since at least 1949.[5] U.S. crude oil exports reached a record high in the first half of 2023.[6] U.S. oil production reached a record high in October 2023.”