How the Gulf oil spill impacts state industry

As the Gulf coast reels from its massive oil disaster, New Mexico could see an economic boost from an increase in oil prices. When oil and natural gas prices go up, the state makes millions of extra dollars off severance taxes paid by oil and gas producers in the state.

The oil spill in the Gulf has already driven up the price of oil futures in markets around the world.

Some lawmakers say the boost could mean a windfall in the states reserves, but it could also wreak havoc on individual spending and cause income taxes and sales taxes to slide even more.

Democrat Senator John Arthur Smith cites one example could be higher costs filling up your gas tank, saying that could be "devastation on the consumer out there having to use additional dollars to pay for gasoline."

While the Gulf begins its long cleanup process, many New Mexico lawmakers are already thinking about what this could mean for things like solar and wind technology.

Other lawmakers from New Mexico's rich oil and gas areas argue that off-shore drilling is dangerous and would be a lot safer in the New Mexico desert.

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[wayneo169]

it get's better and better every day, now cleanup is being slowed and even haultered because of the JONES ACT which regulates that Union employees must be on every ship or on the shores in the clean up efforts and if they are not, all clean up is stalled... Way to go mr president.. keep kissing the unions ass while you and they ruin our country. ONE DAY WE WILL GET RID OF YOU ALL, YOU FREE LOADER'S !!!

[Manofbegging]

It is too late. The gulf coast is finished.

[ConfusifyingCristy]

You know, they could just put Hay in the Gulf because it just soaks up oil, plus its biodegradeable, not really put to any use as far as I'm concerned, and can easily be scooped up. But you know, that's my thought!

[funtimez420]

ANYBODY...what is the #1 resource on the planet that could be used for nearly 85%of all the worlds resources and all materials that we use each day and is very biodegradable...but the thing is....we the people of the world do not even use this resource???......

[AvidiaNirvana]

You wanted cheaper gas America? Soon we can just scoop it off the beach lol XD We are so fucked...

[quizerry]

Fire BP executives? This was an industrial accident. As long as humans drill for oil, gas or mine anything there will be human errors. BP is loosing millions a day, I don't think they or any other business wants for disaster. The government isn't their daddy and if there is any blame maybe it is government regulation for not allowing drilling on land or in shallow water, where a leak such as this could have been stopped with in hours. More Gov. regulation just leads to more corruption & faillure

[2012mayandoomsday]

If more creatures dies that God created life. He going to create wraths in two years ahead. This means He's going to punish every single of people who got involved Greed, scams, crimes, etc. It does not matter where's He's going to hit.

No body wants to see rain fire from Iceland volcano. What is rain fire fire? It's like tiny ashes of rain turn into fire and rains down the cities and create fire.

Rain fire is more like acid rain.

[2012mayandoomsday]

And I know why history has taught us so much about jihad wars, world war 2, etc. the histortical government are scared about poverty. Poverty angers God/Allah. He puts war and conquest to slaughter overwage unions. Because the monkey don't get equal resources. They fight to death. Because all human Gods are created equal. Today, there's unequal Gods. There's madoff, BP executives, greed, unemployment, this fucking too much.

God showed us great ruins of gulf of mexico.

[2012mayandoomsday]

Government have no choice. They have to fire BP executives. Because he's unexperienced about evironment damages, eco damages, climate changes, climate changes, upcoming wrath of Gods(because everyone worship the false of God). It's good enough to bankrupt America since we lost pentagon trillion dollar, katrina populations, 911, housing bubble, dot com bubble, corporate bailouts, banking bailouts.

Everything is getting boring and extremely expensive. Upper middle class are going tent cities.

[Sonyoooo3]

The CEO wants people the pay extra for the damage they have created so people are suffer more for oil spill instead of the company it self are to suffer first that means to empty theyre wealth before asking other to pay the damage?