New Mexico, the Land of Enchantment, was concerned when Biden’s pause on oil and gas drilling leases took hold, but six months into the new administration the state’s oil industry continues to go from strength to strength. After uncertainty about political decisions concerning oil and gas , following a year of low demand that drove down both oil prices and production levels, New Mexico has surpassed North Dakota as the second-largest oil producer in the U.S. following a boost in oil production this spring, not seen since the pre-pandemic period. At the beginning of the pandemic, in the spring of 2020, the rig count in the region dropped significantly as oil prices hit a low of -$40 a barrel due to demand destruction. Now, however, with a relatively successful vaccination rollout and fewer restrictions, both demand and oil prices are bouncing back in a big way. The impact on […]