Oil And Gas Revenue: New Mexico, North Dakota -- February 14, 2019

I thought I had posted this story, but I can't find it, so I will re-post it. From oilprice:

New Mexico boasts $2.2 billion in oil revenue for 2018.

New Mexico received US$2.2 billion in revenues from oil production last year, data from the state’s Tax Research Institute showed. This was a 26-percent increase on the year, or US$465 million. The total amount represented 32.3 percent of the New Mexico State General Fund recurring revenue.

A reader wondered how that would compare with oil and gas revenue for North Dakota.I didn't want "to go there" because I assume there are many different ways to measure that statistic. But since I was asked, here goes.

First, the Legacy Fund, on average, about $50 million / month is added directly to the Legacy Fund. This is only part of the entire amount of dollars from oil and gas to the state, but $60 million x 12 months = $720 million. If $720 million represents 30% then the total oil and gas revenue would be in the range of $2.4 billion.

• Legacy Fund state website here
• Legacy Fund deposits -- 30% of oil and gas revenue is deposited into the fund monthly:

Thirty percent of total revenue derived from taxes on oil and gas production or extraction must be transferred by the State Treasurer to a special fund in the state treasury known as the Legacy Fund. The Legislative Assembly may transfer funds from any source into the Legacy Fund and such transfers become part of the principal of the Legacy Fund.

Taking advantage of this authority, the legislature enacted language which provides additional deposits to the Legacy Fund from the Strategic Investment and Improvements Fund (SIIF) once a $300 million unobligated balance is met. This provision resulted in additional deposits to the Legacy Fund totaling $148.7 million in the 2011-13 biennium and $200.2 million in the 2013-15 biennium. This provision was removed from law in 2015 by the 64th Legislative Assembly.

I don't know if New Mexico has something similar to North Dakota's Legacy Fund.

With regard to GDP, link here. Most recent figures, 2016:

• 2016: $5 billion or slightly over 9% of North Dakota's GDP from oil and gas extraction
• 2014: $11 billion or almost 20% of the state's GDP came from oil and gas extraction

All years:

• 2016: $4.957 billion; or 9.27%
• 2015: $7.021 billion or12.44%
• 2014: $11.147 billion; 18.67%
• 2013:$9867 billion, or 17.95%
• 2012: $8.573 billion or 16.33%
• 2011: $5.330 billion or 12.64%
• 2010: $3.027 billion, or 8.36%
• 2009: $1.717 billion, or 5.28%
• 2008: $1.836 billion, or 5.65%
• 2007: $1.137 billion, or 3.94%

But comparing apples to apples, look at the GDP contribution for each state:

• North Dakota, anywhere from 10% to 20%
• New Mexico, most recently: over 30% 

I would assume honey makes up the rest of North Dakota's GDP. North Dakota is #1 in honey production and has held that record for years.

Population:

• New Mexico: 2 million
• North Dakota: 800,000