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Letters to the Editor 6-21-19

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Headline does not reflect state of oil, gas industry 

in New Mexico

 

Dear Editor,

While I appreciate Tris DeRoma covering my recent presentation on New Mexico’s economy in Los Alamos, I believe the headline of the recent story does not fairly reflect what is happening in our State with regard to the oil and gas boom.

 The oil and gas industry is indeed booming and there should be no doubt that this newfound revenue is a good thing for our State. Unfortunately, rather than using those dollars to provide tax reform or relief to average New Mexicans, our State’s political leadership massively increased spending and has embarked on a number of special interest-driven “economic development” schemes, most notably a massive expansion of film subsidies.

The newfound oil and gas wealth is, in other words, not to blame. Rather, it is the political leadership of New Mexico who seem inclined to squander that wealth rather than using that once-in-a-lifetime opportunity to free New Mexico’s economy from onerous taxes like the gross receipts tax.

Paul Gessing

President, Rio Grande 

Foundation

Albuquerque, New Mexico


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