Officials said improvements to drilling techniques made New Mexico the nation’s third-highest oil producing state.
SANTA FE, N.M. (AP) An economic boom in southeast New Mexico has been attributed to skyrocketing oil production.
The Albuquerque Journal reported on Aug. 16 that New Mexico's revenue exceeded projected levels allowing lawmakers to authorize a $663-million spending increase for the budget year that started in July.
Officials said the 11 percent increase is expected to be used toward teacher salary increases, education spending, highway repairs and construction.
Officials said improvements to drilling techniques made New Mexico the nation's third-highest oil producing state and contributed to mass production in the Permian Basin about 290 mi. (467 km) from Albuquerque.
Officials said revenue levels came two years after a steep decline forced lawmakers to cut spending.
Economists are expected to release official revenue estimates later this month.
For more information, visit abqjournal.com.