New Mexico could see $1.3B from oil windfall

New Mexico

ALBUQUERQUE, N.M. (KRQE)- The state could be getting more than a billion dollars in tax revenue next year thanks to the oil boom.

According to the Santa Fe New Mexican, State Senate Finance Committee Chairman John Arthur Smith explained to an interim legislative transportation subcommittee that the state is on track to rake in anywhere from $1.1 to $1.3 billion in 2020 unless the international scene changes. Crude oil prices dropped earlier this week to less than $50 per barrel, which is due in part to fears of a trade war with China.

However, late in the week oil prices jumped to over $52 a barrel.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Video

Now Trending on

Video Forecast

Erica's Wednesday Morning Forecast

Thumbnail for the video titled "Erica's Wednesday Morning Forecast"
More Weather Video Forecast

Don't Miss

More Don't Miss

The Series Ep2: Social Pressure ➞