In the midst of an unprecedented oil and gas boom, the opportunity has emerged for New Mexicans to derive greater economic benefit from the resources inherent to their land. As it stands, oil and gas companies are using these lands to drill and extract large quantities of resources. Given the current high demand for oil and gas, it's high time we consider raising the fees charged to these companies. This action would ensure New Mexicans receive just compensation for this extensive utilization of their resources, allowing them to better capitalize on this current boom.
1. An unprecedented oil and gas boom creates an opportunity for New Mexicans to benefit more economically from their land's resources.
2. The consideration of raising fees charged to oil and gas companies would ensure fair compensation for the extensive use of New Mexico's resources.
3. The increased costs for oil and gas companies could significantly increase the state's revenue.
4. This strategic approach would not only yield financial returns but also ensure the wise utilization of natural resources.
5. The additional revenue could be reinvested into important sectors such as education, healthcare, and infrastructure, benefiting all New Mexicans.
In 2019, oil and gas operations in New Mexico contributed more than $2.8 billion in state revenues, accounting for 17.5% of New Mexico's total general fund.
Raising the costs for oil and gas companies to utilize New Mexico's land can significantly increase the state's revenue. We have the opportunity to use the current energy boom to our advantage. This approach will not only provide financial returns to the state but also ensure that our natural resources are leveraged wisely. This money can then be reinvested into important sectors within our state, such as education, healthcare, and infrastructure, ultimately benefiting all New Mexicans.