Increased oil and gas production just means more wasted resources and lost revenue for New Mexico
Yesterday, the New Mexico Oil and Gas Association were beside themselves with news about increased production of oil in the state. Their press release was nearly copied verbatim by the Albuquerque Journal and other news outlets around the state. ProgressNow New Mexico’s Political Director Lucas Herndon issued a response to their claims.
“Claiming this is a financial boon for New Mexico without addressing the $180-$240 million dollars lost each year from wasted natural gas is disingenuous at best,” said Lucas Herndon, Political Director at ProgressNow New Mexico. “We know that the industry focuses on what it is extracting and not on what it’s losing because to them the losses are minimal. But to the citizens of New Mexico it’s literally tens of millions in unpaid taxes and royalties that should be going to schools and other programs,” Herndon said.
NMOGA wasn’t able to get much done in terms of their political ambitions during the legislative session this year so it’s unsurprising to see them toot their horn about increased production in the state. But it bears repeating that the industry as a whole needs broader oversight and increased regulation; something the people of New Mexico strongly favor.
If you want to learn more about how NMOGA has worked to build power in the state we strongly suggest you check out our five-piece series where did a deep dive into their inner workings.
We’ll be doing some further investigating of the group in the near future as well, so stay tuned.