Think you’re safe cause you live in a blue state? Just ask New Mexico. OK you’re in a blue state and you voted for Joe. Happy days are here again? I don’t think so. Just ask the 100,000 New Mexico folks who stand to join the ranks of the unemployed. Here’s why.
The federal government’s 60-day suspension of new oil and gas leasing and drilling permits on public lands sent shockwaves through the industry in New Mexico and divided industry experts over potential impacts.
“It’s very much putting politics above science,” said Ryan Flynn, president and CEO of the New Mexico Oil and Gas Association.
Tax revenues would drop by up to $10.8 billion in New Mexico, North Dakota, Utah, Wyoming, Colorado, Montana, California and Alaska, read the study, by the end of Biden’s first term – states that make up 75 percent of U.S. onshore fossil fuel production.
By 2040, such policy would cause the U.S. Gross Domestic Product (GDP) to decline by $670.5 billion and see up to 351,000 jobs lost across the west, the study read.6