Challenges and Hopes in New Mexico's Oil and Gas Industry
The San Juan Basin in New Mexico, one of the oldest federal lands drilling areas, is facing challenges as major oil companies left the region. Despite hopes for a new boom, trade wars and fears of a recession have dampened expectations for higher profits. Local workers and companies are navigating uncertainty and volatility in the oil and gas industry.
Key Points
- San Juan Basin's historic importance in federal lands drilling
- Struggles faced by the region after major companies left post-2008 financial crisis
- Uncertainty and volatility in the oil and gas industry affecting local businesses
Pros
- Potential for another boom in the San Juan Basin
- Local employment opportunities provided by family drilling businesses
- Hope for cheaper gas-powered electricity for new computer data centers
Cons
- Major oil companies leaving the region
- Impact of President Trump's trade war on business costs
- Fading optimism for higher profits due to fears of a recession