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Perspective is a tough commodity to find when considering New Mexico’s economic performance in comparison to other states. The coming study of New Mexico as a place for investment will give us a good idea of our fit for a narrowly defined case.
Yet the broadest possible perspective is the necessary basis for thoughtful policy decisions. Fortunately, the Metro Denver Economic Development Corp. does excellent work comparing Colorado to other states and the nation. We can be a free rider, as they say in economics.
Our riding starts with “Resource Rich Colorado,” issued in December to describe “Colorado’s National and Global Position in the Energy Economy.” Find the report at www.metrodenver.org/news-center/publications.html.
Rig counts provide a specific starting point for considering New Mexico’s life in natural resources. While oil and gas is a world-wide commodity business, drilling also responds to local matters such as regulations and regulator attitude. For the four years of Bill Richardson’s second term as governor, from 2007 to 2010, New Mexico’s count started at 71, went to 79, dropped to 48 and closed the period at 71. Baker Hughes is the source.
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