Key players in New Mexico’s energy economy came together Wednesday in Albuquerque to talk about some of the challenges they face.
The energy summit was hosted by the New Mexico Business Coalition and was dominated by concerns that federal regulations are stymieing the oil and gas industry. According to the New Mexico Oil and Gas Association, the state produces 120 million barrels of oil in a year.
NMOGA Vice President Wally Drangmeister told the crowd the biggest risk they face is the “crazy implementation of the Endangered Species Act.”
When the US Fish and Wildlife Service puts protections in place for various species, industries have to comply. In some cases, that hinders their operations in the oil fields.
This week the federal government announced they’re reviewing the status of two more species found in the oil-rich region of the state, the Arizona toad and a turtle called the Rio Grande cooter.