Oil and gas is responsible for state’s renaissance in business and communities

A new era is on the horizon for New Mexico. The future for this industry in the state has never been brighter. Of course, this is not only true for New Mexico’s political transition, it’s true for the energy renaissance taking place across America and right here in the Land of Enchantment. Earlier this year, the Energy Information Agency reported that the US became the largest producer of crude oil in the world. This spectacular accomplishment reflects the idea that we should have greater control of our energy future, making our country more secure, and allowing communities and economies to flourish.

Budget crisis threatens child welfare programs

A gaping revenue shortfall and lack of reserves have New Mexico’s legislators worried about short-circuiting the progress of  large investments made in early childhood and safety net programs in recent years. A steep decline in the price of oil has contracted an industry on which New Mexico relies heavily, leading to broad layoffs, sales of oilfield equipment, foreclosures and bankruptcies. That, in turn, has gutted the cash from tax revenues state leaders counted on to pay for state operations. State leaders emptied out the state’s reserve fund to balance last year’s budget. Now they must close this year’s shortfall — projected at $69 million — without a pot of money that has cushioned economic pain in previous economic downturns.