New Mexico Braces for Eventual Oil Revenue Decline Despite Current Surplus
• New Mexico facing potential decline in oil revenue windfall, though still expects a $3.5 billion budget surplus through 2025 • Oil and gas from Permian Basin accounts for nearly 50% of NM annual revenue • Global climate agreements could reduce Permian production and revenue long-term • State seeking new revenue streams to reduce dependence on oil money • Despite funding increases, NM student performance and graduation rates still lag national averages