20 Jul New Analysis: New Mexico-Made Natural Gas and Oil Drives U.S. Economic Recovery, Strengthens All Industries
SANTA FE, NM, July 20, 2021—The New Mexico Oil and Gas Association (NMOGA) and the American Petroleum Institute (API) today released a new analysis of the oil and natural gas industry’s vast economic impact on New Mexico’s economy and highlighted its importance to the state’s post-pandemic recovery. The study, conducted by PricewaterhouseCoopers (PwC) and commissioned by API, is based on the latest government data available and shows that New Mexico’s oil and natural gas industry added $18.8 billion to the state’s gross domestic product in 2019. Representing 17.9 percent of the state’s economy, New Mexico ranked among the highest states for the share of total economic contributions by the oil and natural gas industry.
Source: American Petroleum Institute
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