Legislative analysts say New Mexico is the only top oil-producing state to have recovered to pre-pandemic levels of production, but they warned Wednesday that the market remains volatile.
Staff members with the Legislative Finance Committee suggested that the panel of lawmakers take care not to grow the state’s budget based on current forecasts that suggest more favorable revenues from the oil and gas industry over the short term.
In a briefing, they reported that both oil and natural gas production hit new records in March. The state produced more than 36 million barrels of oil and 188 trillion cubic feet of natural gas that month.