THE FALLING PRICE OF OIL IS STARTING TO HAVE A BIG IMPACT…ESPECIALLY IN ONE PART OF THE STATE. WALLY DRANGMEISTER WITH THE NEW MEXICO OIL AND GAS ASSOCIATION SAYS THE NUMBER OF OIL RIGS OPERATING HAS BEEN CUT IN HALF IN RECENT MONTHS…FROM 100 TO ABOUT 50. HE SAYS EACH RIG ACCOUNTS FOR 50 JOBS, SO CUTTING EACH RIG CREATES MORE AND MORE JOB LOSSES IN SOUTHEAST NEW MEXICO.
DRANGMEISTER SAYS THAT ALSO RESULTS IN JOB LOSSES IN BUSINESSES LIKE RESTAURANTS AND MOTELS.
HE SAYS WHILE FEWER RIGS ARE OPERATING, THOSE RIGS ARE MORE EFFICIENT THAN THEY USED TO BE.
