Energize New Mexico
New Mexico is a leading energy producer.
- New Mexico produces enough oil to fuel 2 million cars and heat nearly one million homes a day and enough natural gas to heat 21 million homes.
- 2nd in the nation, New Mexico produced 1.6 TCF of natural gas in 2003.
- 5th in the nation, New Mexico produced 64.2 million barrels of crude oil in 2004.
- New Mexico’s future resources are substantial - There are 18.5 trillion cubic feet of technically recoverable natural gas resources and 669 million barrels of crude oil in New Mexico.
Natural Gas and Oil are fueling New Mexico’s economy.
- New Mexico’s natural gas and oil industry is the largest civilian employer in the state accounting for more than 23,000 jobs (direct and indirect wage earners).
- Natural gas and oil jobs (direct and indirect wage earners) earn an average salary of over $43,000 per year – which is 37% more than the average earnings per worker in New Mexico ($31,426).
- In 2005, total oil and natural gas industry payments to the state in taxes and royalties equaled $2.3 billion.
- In 2005, the oil and natural gas industry paid $384.6 million in Severance taxes. (NM Energy, Minerals and Natural Resources Department, FY05)
- In 2005, the oil and natural gas industry paid $362.1 million in rent, interest, bonuses and royalties to the state. (NM Commissioner of Public Lands, FY05)
- The oil and natural gas industry paid $125.9 million in ad valorem taxes in 2005. (NM Tax and Revenue Department, FY05)
- In 2005, the oil and natural gas industry paid $104.7 million in corporate income taxes. (NM TRD, FY05)
Natural Gas and Oil gives back to New Mexico’s communities.
- New Mexico’s natural gas and oil industry funds over 90 percent of all school capital investment through payments to the severance permanent fund, saving New Mexico taxpayers $800 million annually.
- More than $22 million paid in property taxes flows directly to school districts.
- In 2005, $2.3 billion tax revenues from the industry (taxes plus royalties) went to the New Mexico General Fund toward New Mexico’s schools, roads and public facilities. (NM Energy, Minerals and Natural Resources Department, FY05)
US DOE/EIA, Natural Gas Annual 2003
US DOE/EIA, Petroleum Supply Annual 2004
US DOE/EIA, US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 2004 Annual Report