NM Jobs & Economy

Access to New Mexico’s rich stores of energy strengthen our state's economy and improve our nation's energy and national security.


New Mexico Jobs

In New Mexico alone, 105,600 jobs are supported by the oil and gas industry. These jobs add $11.2 billion to New Mexico’s gross state product, or 14.2% of its wealth.

The industry supports jobs not just in exploring, producing, refining, transporting and marketing oil and natural gas, but also through the purchases it makes of other goods and services that support the industry’s operations.  There are 900 identified New Mexico vendors in the oil and natural gas supply chain as well as equipment suppliers, construction companies, management specialists, and food service businesses that have a strong link in the industry. 

These businesses, in turn, purchase other goods and services that support other jobs throughout New Mexico and the nation.


New Mexico Revenue

New Mexico typically receives about $2 Billion in direct revenue from the naturall gas and oil industry through severance and property taxes and royalty and rental income. Additional indirect income comes from sales and income taxes on oil and gas drilling and service, which generate about $300 million.  

 

Nationally

The oil and natural gas industry supports 10.3 million American jobs and contributes $1.3 trillion (2015) in added value added to the economy.  That's represents about 7.1% of U.S. GDP. 

The U.S. oil and natural gas industry also pays the federal government $30 Billion a year in both income taxes and production fees, providing an important revenue stream to fund infrastructure, education and community projects across the country. 

Thanks to the industry’s development of advanced technologies, new frontiers in oil and natural gas are just taking off and offer greater promise than ever before for our energy future. 

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