Carlsbad Current-Argus originally published this article, which later appeared on the MSN website. The article quotes a study by Dr. Haoying Wang (pictured at right) of the NMT Department of Business and Technology Management.

Here is an excerpt from the article. Click the link at the bottom of this page to read the full article.

 

Traffic snarled on once sleepy farm roads, hotel rates and home prices skyrocketed.

Small towns like Carlsbad became crowded with workers taxing public services and packing restaurants.

Between 2012 and 2018 – a period that saw the industry boom, bust in 2015 and boom again in 2017 – the oil and gas industry in Eddy County added $6.4 billion to state and local governments in New Mexico, per a study from the Arrowhead Center at New Mexico State University.

That contribution represented 10 percent of the State’s non-federal revenue.

Another $10.3 billion in contributions to New Mexico gross domestic product (GDP) came from Eddy County’s oil and gas industry, along with $4.9 billion in labor income.

Oil and gas in Eddy County added $1.1 billion to New Mexico’s school tax, and $1.2 billion to its severance tax between 2012 and 2018, per the study, along with $1.5 billion in revenue from State Trust land and $1.8 billion from operations on federal land.

 

Click here for the full article.