Hitting the brakes
(WorldNews Mexico)

Copyright © 2020 Albuquerque Journal A pump jack east of Carlsbad in Lea County. (Eddie Moore/Albuquerque Journal) New Mexico´s oil and gas industry is teetering on a near-shutdown, slammed by plunging demand for oil and an unprecedented global market glut that´s slashed prices to 20-year lows. New drilling in the Permian Basin in southeastern New Mexico is screeching to a halt, and many producers are starting to shut in existing wells to await better times. That, in turn, foreshadows a double whammy on the state budget, as government revenue tumbles from plummeting oil prices and forthcoming production declines. `It´s not pretty down here,` said Raye Miller, president of oil company...