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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  News & Politics

[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 !!!

[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...

[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?

[Sonyoooo3]

good then all should take buss,trane,etc. when going to work?

[brokencountry123]

How can he promise anything? He just awarded $1.25 billion to black farmers and $3.4 billion to Native Americans for controversial court settlements at the start of 2010. He passed a trillion dollar health care bill and > $700 billion bailout/stimulus that with little focus on direct job growth. On top of all that, after all of his progressive rhetoric, he's only given Wall Street a slap on the wrist. He broke his promise of no offshore drilling! FIRE THIS DOUCHE BAG!

[Leviathaneah]

This is the best thing and NO SMOKING by GULF FAT AMERICA keep right on buyin those suvs! YES scre the inflatable building we need a hurricane to teach these assholes a lesson! GTFO out of Iraq and Afghanistan!!!! blow baby blow YES YES I hope another well explodes the whole Atlantis pipeline would be great follow with a cat 5 hurricane! How's the tourism FLORIDA!! muhahahaha drill baby drill NO? dick cheney??? BUSH????? bwahahaha

[Bean Cube]

We have the concept of inflatable building. On land, it pillars are inflated with air. I just wonder why don't we put a big one to cover on the spill pill on and off between BP experimenting their spill cap fixes. The inflatable building can be shaped like a tent. Its pillars, inflated with sea water, not air, can be anchored with nails on the sand of the seabed. Open up a chimney on the roof of the tent connecting to some pipes extend to tankers on the sea surface. This will trap spill earlier.