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Oil and gas industry discussions by public officials and industry tend toward the many worthy numbers.
For example, nearly all (96.6 percent) the interest from the Land Grant Permanent Fund goes into the state’s general fund, providing for continuing operations of government. The permanent fund predates statehood. Oil royalties appeared in 1924. Every county gets oil and gas production revenue.
Find the report, “Fiscal Impacts of the Oil and Gas Industry,” at the New Mexico Tax Research Institute (nmtri.org). Check the right side of the page.
Other numbers from David Martin, secretary of the Energy, Minerals and Natural Resources Department, at the Legislative Finance Committee’s July 9 meeting in Farmington: Jobs, direct, indirect and induced: 68,838. Average salary: $70,666. State gross domestic product portion: 9 percent.
The numbers obscure oil and gas as a way of life with a long history here.
Flush with “enchantment,” sunsets, and mystically seeking God, aesthetes miss this. They fail to track production numbers from the well to the permanent fund to investment income to the general fund to paying for the government they wish to expand.
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