THERE ARE FEWER OIL RIGS OPERATING IN NEW MEXICO DUE TO LOW CRUDE OIL PRICES, AND A UNM ECONOMIST SAYS THAT COULD EVENTUALLY COST THE STATE 2-THOUSAND OR MORE JOBS. BUT DR. JEFF MITCHELL SAYS IT’S NOT ALL GLOOM AND DOOM, SINCE THE INDUSTRY HAS ADDED SIX TO EIGHT THOUSAND JOBS IN NEW MEXICO IN RECENT YEARS.
MITCHELL SAYS EVEN THOUGH THE JOB LOSSES ARE SIGNIFICANT RELATIVE TO TODAY, BUT THERE WILL STILL BE MANY MORE OF THOSE JOBS THAN THERE WERE THREE OR FOUR YEARS AGO.
MITCHELL SAYS A MORE SIGNIFICANT RESULT OF LOW OIL PRICES IS A REDUCTION IN STATE SPENDING…SINCE LOWER PRICES MEAN MILLIONS LESS IN TAXES AND ROYALTIES.
