NEW MEXICO’S OIL AND GAS INDUSTRY CONTINUES TO DEAL WITH DROPPING OIL PRICES. WALLY DRANGMEISTER WITH THE NEW MEXICO OIL AND GAS ASSOCIATION SAYS YOU CAN MEASURE THE IMPACT BY LOOKING AT THE NUMBER OF RIGS…AND JOBS…IN THE STATE. HE SAYS THERE’S A DOWNWARD PRESSURE ON DRILLING RIGS … AND EACH RIG THAT SHUTS DOWN ACCOUNTS FOR A LOSS OF 50 TO 75 FULL TIME JOBS. HE SAYS A YEAR THERE WERE 100 DRILLING RIGS OPERATING. THAT NUMBER IS NOW DOWN TO ABOUT 40.
OIL IS DOWN BELOW 38 DOLLARS A BARREL. THE OIL SLUMP HAS ALSO REDUCED STATE REVENUE BY 60 MILLION DOLLARS.
