Carlsbad leaders said its business community had begun to recover despite the COVID-19 pandemic as state-mandated business closures began to ease, and the oil market appeared headed to recovery.
Domestic oil prices continued an upward trend toward recovery this week, closing at about $33 per barrel on Wednesday, per data from Nasdaq.
That growth could mean increases in Carlsbad’s economy, as the city depends largely on oil and gas activity for its growth.
Meanwhile, New Mexico Gov. Michelle Lujan Grisham recently eased some restrictions on businesses, allowing retailers to operate at 25 percent of normal capacity, and said the state was “on track” to lower other restrictions by June 1.