Campaign pledges made by Democratic presidential candidates to ban hydraulic fracturing by the oil and natural gas sector would have dire economic consequences for New Mexico and the rest of the United States if implemented, said the head of the U.S. Chamber of Commerce’s Global Energy Institute.
Marty Durbin is in New Mexico to highlight the results of a study that shows there would be billions of dollars in lost tax revenue and thousands of layoffs if a ban was imposed on fracking, a technique used to extract oil and gas. Durbin was among the speakers Wednesday at business luncheon in Albuquerque.
New Mexico is enjoying a windfall of tax revenue and other economic benefits from an oil boom concentrated in the Permian Basin, which straddles parts of southeastern New Mexico and West Texas. Industry experts say drilling in the region is still on pace to set production records for 2019 and state economists say income for the last fiscal year surpassed forecasts by $85 million.