Republican Effort to Lower Drilling Costs Threatens New Mexicos BudgetA recent Republican law reducing the minimum federal royalty rate for oil and gas drilling on federal land is causing financial strain for New Mexico, which relies heavily on oil and gas revenue. The change, which could lead to a six billion dollar drop in collections over the next ten years, threatens the states ability to fund programs like early childhood education and teacher salaries. Despite the gradual impact, state officials are already preparing for leaner years, as the higher royalty rate that was in place for about three years is no longer counted in budget forecasts.
DNN | The Daily News Now!
The world’s first global local news network.
Every city. Every story. AI powered.
Hosted on Acast. See acast.com/privacy for more information.
