New Mexico watching as Texas considers limits on oil production

  • Laws governing oil production in New Mexico stem from the Oil and Gas Act of 1935, which, among many other things, suggests the state can impose statewide caps on oil production, as well as more explicitly allowing it to cap output at specific reservoirs or “pools” of oil to “prevent waste.”
  • If prices fall below $10 per barrel again, and if Texas regulators decide to impose production caps, pressure could be placed on Gov. Michelle Lujan Grisham to take a public position on whether the state might follow suit, said Fine, an oil and gas researcher with New Mexico Tech.
  • Oil companies and analysts have assumed any mandatory cut in Texas “would encourage other major producing states to follow suit, and that could include New Mexico,” said Bernadette Johnson, vice president of strategic analytics for Enverus Market Intelligence, an energy industry data and software company.

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