the republic logo

New Mexico lawmakers uneasy as dropping oil prices trim potential state revenues


SANTA FE, New Mexico — Oil prices continue to drop and that's making New Mexico lawmakers a little uneasy as they prepare to hammer out a state budget for the next fiscal year.

The chairman of the Senate Finance Committee, Democrat John Arthur Smith of Deming, joked during Thursday's floor session that his committee wouldn't meet until the price of oil starts to rise.

While prices remain low, legislative finance officials said they expect to release a new revenue forecast the first week of February.

The 60-day legislative session began Tuesday and the big assignment for lawmakers will be approving a nearly $6.3 billion spending plan.

How much new revenue they have to spend will depend largely on the state of the energy market and oil prices, which have dropped from over $100 a barrel last summer to less than $50.

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.