NEW MEXICO (KRQE) – The future of New Mexico’s once booming oil industry is on a slippery slope as the pandemic impacts business. In January, before COVID-19 hit, the state reported nearly 33 million barrels of oil production.
By May, production was down less than 28 million barrels. Now, there is less than half the number of active rigs as there were this time last year. A Federal Reserve Bank of Dallas survey shows just 3% of the activity is expected to return to pre-COVID-19 levels by the end of the year.
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