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Federal Policy Change Threatens New Mexico's Budget
Federal Policy Change Threatens New Mexicos Budget: A Drop in Federal Royalties Could Cost the State BillionsA recent federal policy shift, lowering the minimum royalty rate for oil and gas drilling on federal land, poses significant financial challenges for New Mexico. This change, which reverses a Biden administration increase, is expected to result in a substantial drop in federal royalty collections over the next decade. New Mexico, heavily reliant on oil and gas revenue, could lose up to $5.1 billion by 2050, impacting more than one-third of its general fund budget. State officials are preparing for leaner years ahead, highlighting the delicate balance between federal energy policy and state budgets.
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Published on 4 days, 20 hours ago