Posted at: 03/16/2014 6:39 PM
By: The Associated Press
SANTA FE, N.M. (AP) - A new report detailing New Mexico's reliance on oil and gas shows diversifying the state's economy could prove challenging.
The Santa Fe New Mexican reports that the New Mexico Tax Research Institute found even counties where there is little oil and gas development have benefited from those industries.
According to the institute, $1.7 billion of $5.5 billion of the state's general fund last year was from oil and gas revenues.
Much of the funding helps support schools and colleges.
The tax report was partially funded by the New Mexico Oil and Gas Association.
Officials say it includes data from the state Taxation and Revenue Department, the State Land Office, the Board of Finance and other agencies.
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