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  • oil

     Japo_Japo updated 2 months, 1 week ago 1 Member · 1 Post
  • Japo_Japo

    September 19, 2021 at 9:17 am

    Robert McEntyre, spokesman for the New Mexico Oil and Gas Association argued in a statement that the oil and gas industry in New Mexico was not unduly supported by the federal government.

    He said provisions in the federal tax code that provide deductions and other benefits were intended to help oil and gas and other industries invest in local communities and support the nation’s economy.

    More:Federal oil and leases to resume in New Mexico, BLM schedules sale for 2022

    “The oil and gas industry receives no special tax treatment from the federal government. This is a well-worn and provably false narrative peddled only by those who want to stall oil and natural gas development in favor of massive taxpayer payouts to other businesses,” McEntyre said.

    “Legitimate provisions in the tax code, like deductions, allow businesses across all sectors to invest in local communities and create jobs.”

    McEntyre touted oil and gas’ contributions to New Mexico as an economic driver he said would support continued growth in the state.

    “New Mexicans rely on the oil and gas industry for more than 134,000 jobs and $2.8 billion in revenue for our state budget and public schools,” he said.

    “A misleading campaign as to how oil and natural gas operates only serves to malign the most successful sector of our economy that continues to deliver in critical areas like economic growth and funding for education.”

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