US EditionLegislative impasse: Oil surtax removed from New Mexico tax credit proposal
- The New Mexico Legislature approved a bill to raise oil royalty rates from 20% to 25% on state trust lands, impacting the energy industry in the Permian Basin.
- The bill passed with a 37-31 vote and is now sent to Governor Michelle Lujan Grisham for consideration.
- Public Lands Commissioner Stephanie Garcia Richard supports the increase, stating it aims to maximize funds for schools and public institutions.
- Opponents argue the change may penalize producers and disrupt the oil industry as prices fluctuate, urging caution regarding rising rates.
22 Articles
22 Articles
New Mexico legislators OK increase on future oil royalty rates for prime land
New Mexico's Legislature has endorsed a bill that would raise royalty rates for new petroleum development on prime parcels in one of the world’s most prolific oil basins. A 37-31 vote of the state House on Thursday sent the bill…
New Mexico Gambles on Higher Royalties as Oil Prices Tank
While West Texas Intermediate (WTI) oil prices have slipped nearly $3.50 a barrel since January—hovering uncomfortably around $68—New Mexico lawmakers just gave oil producers something else to stew over: higher royalty rates. Senate Bill 23, which passed the House of Representatives on Thursday, is now sitting on Governor Michelle Lujan Grisham’s desk. The bill raises the maximum royalty rate on the state’s premium oil and gas leases from 20% to…
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