Dropping down from the national level, the dialogue surrounding minerals and federal lands turns more red-faced and heated in states like New Mexico, where the Federal Reserve Bank of Dallas (Dallas Fed) in early March was predicting state and regional economies could take a sharp hit, despite all the recent months and years of overall positive economic stimulation from the robust Permian Basin oil and gas production. As such, state energy officials have been laser-focused on the Biden administration's suspension of new oil and gas leasing on federal lands because it could eventually curtail Bakken production by more than 100,000 bpd. According to Wyoming's study, if the Biden "pause" is extended over the next 20 years, the lost GDP in the eight western states would be $639 billion, another $286 billion in lost wages and $151 billion in lost state tax revenue, with 343,000 lost jobs. 16 | • May 2021 side from the Permian Basin in parts of Texas and New Mexico, which is in a class by itself, the Bakken Shale play in North Dakota is the nation's next largest oil and associated natural gas basin, and one of the biggest oilfields with substantial federal public lands. [Extracted from the article]
Copyright of Pipeline & Gas Journal is the property of Gulf Energy Information and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
