- “Before, we weren't even making enough money for that … Some of the large companies are ramping up spending, but for smaller guys like me, it's still a struggle, because we need higher prices in the mid-$60 (per barrel) range for new work-overs to expand production.”
- That, in turn, pushed the state budget into crisis, forcing lawmakers to cut spending by hundreds of millions of dollars in the last three years as revenue from taxes on oil production and related activities plunged.
- And in the meantime, even if prices remain stable at current levels, New Mexico's small, independent producers are unlikely to initiate new production.
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