Former Vice President and current Presidential candidate Joe Biden has previously announced that if elected he would work to gradually phase out the leasing of federal public land for oil and gas production. While cheered by environmentalists, the proposal was heavily criticised by trade groups, industry leaders, and oil field workers. Now a study released by the American Petroleum Institute (API) in conjunction with New Mexico Oil & Gas Association (NMOGA) highlights exactly what’s at stake for New Mexico if such a ban were to occur.
If a leasing ban on federal lands was put into effect New Mexico stands to lose a whopping 62,000 jobs and over $1 billion in federal revenue. Nearly half of all New Mexican oil and gas production occurs on federal land. Enacting a ban like Biden has proposed would result in a drastic funding cut for NM schools and push a large portion of the industry into states like Texas where oil and gas production mostly occurs on privately owned lands. According to NMOGA Executive Director Ryan Flynn “Restricting oil and gas development on federal lands will rob New Mexico of opportunities for economic growth and hollow our schools of critical resources that put teachers in classrooms and help our young children learn.”
For more information click HERE, and for a concise look at what’s at stake in a federal leasing ban check out the graphic below.