New Mexico has become the first major oil-producing state to see its production rate rebound to pre-pandemic levels, but according to legislative analysts cited by the AP, the situation remains volatile. The report cited a briefing by the state’s Legislative Finance Committee, in which the committee reported that oil and gas production in New Mexico had hit a record high in March, at 36 million barrels of oil and 188 trillion cu ft of natural gas. In further good news for the industry, a consulting company present at the briefing said President Biden’s moratorium on new oil and gas leases on federal lands will not have an adverse impact on New Mexico’s oil and gas production. The reason is that most of the federal lands previously open to oil and gas leasing are already leased out and producing. The White House paused new oil and gas leases on federal […]