The oil and gas industry is the lifeblood of the United States. Not only does it power our transportation industries, but the thousands of byproducts of oil and gas production are utilized to create many of the products we use on a daily basis. Other key benefits of the oil and gas industry lay within the financial contribution it makes. Using New Mexico as an example, we’re going to look at five of the main benefits brought by the oil and gas industry. Articles referenced here.
State Budget Support
Oil and Gas contributions made up roughly 35% of New Mexico’s state budget in 2021, clocking in at a total of $2.9 billion. These funds contribute toward economic growth, job production, infrastructure growth and management, and education enrichment.
Economic Growth
The $27 billion and growing oil and gas presence in New Mexico contributes significantly to the state’s economy. It continues to add jobs and proper allocation of state funds toward important institutions like schools, law enforcement, and emergency response.
Job Growth
In Bernalillo county alone, over 25,000 jobs were supported by oil and gas adding $1.3 billion in labor income.
Infrastructure
Contrary to Doc Brown’s famous quote in Back to the Future, we actually do need roads. Oil and gas support the construction of new roads and highways heavily with its contributions to state funds.
Education Funding
Our children are the future we know it’s vital to invest in their futures. In New Mexico, oil and gas contributed over $1.4 billion to public education. Roughly $991 million went toward K-12 education and about $262 million contributed toward higher education.
To learn more about how the oil and gas industry benefits you and your community, check out the Energy Information Administration or find your state’s database here. For all of your Oil and Gas consulting needs or for questions about how the oil and gas industry affects you, contact our team at NTG Environmental today!