The Albuquerque Journal is reporting this morning that at least 2,000 jobs will be lost in the oil and gas business in New Mexico. This of course is because of the decline in oil prices. The number of drilling rigs in New Mexico has gone from 85 to 60 since last spring. The report in the Journal says that New Mexico Energy, Minerals and Natural Resources Department Secretary, David Martin reported that with 50 employees working on each rig, and another 50 to 70 people employed in support jobs his estimate of 2,000 layoffs is conservative. In addition to the job loss in New Mexico it will hit the state budget hard. State spending is heavily tied to taxes and royalties from oil and gas. It usually takes about six months for the full impact of drilling rig shutdowns to hit. Rick Muncrief, President and CEO of WPX Energy Inc. Inc. says that “the rig count has dropped by nearly half nationwide since Thanksgiving, falling from almost 2,000 to 1,000 now.” Read the article in the Journal here: Price decline hits oil patch https://www.abqjournal.com/559739/news/price-decline-hits-oil-patch-in-nm.html … via @ABQJournal
I encourage you to subscribe to the Albuquerque Journal, it will help you keep informed of current events! I have subscribed since moving here in 1995. One of my favorite classes in High School was called “Current Events” taught by Mr. Drake. It really helped form a deep interest in me of what is going on around in our world, as it DOES EFFECT us all, Amen! There is nothing like reading the paper over a cup of coffee! Yes I am an old man! LOL!
Most of our readers here at FGGAM are outside of New Mexico, a small percentage are from the land of enchantment, so I also encourage you to subscribe to your local newspaper! I still get my hometown newspaper, the Windom Citizen! In fact I write a devotional column for the Citizen, I am so very blessed to do so! I also subscribe to the Buffalo Gap, Texas Round-Up News! It is a great conservative newspaper that covers the world! Amen!
Part of the problem we have in this world is that people do not READ enough! Amen!
Or read the wrong thing