Oil and gas industry faces huge loss

Published: Thursday, March 19th, 2020 at 5:04pm
Updated: Thursday, March 19th, 2020 at 9:55pm

"Copyright © 2020 Albuquerque Journal

With oil prices plunging to their lowest level in 22 years, state legislators are projecting an imminent budget crisis that's likely to force the New Mexico Legislature into special session.

Sen. John Arthur Smith, chairman of the Legislative Finance Committee, said the state could be facing a $1 billion loss in oil- and gas-related revenue if the crisis continues through this year and into 2021.

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