A “perfect storm” is hitting oil and gas prices, impacting New Mexico and its reliance on the volatile industry’s tax money, according to the Senate Finance Committee chair. The collapse in the price of oil comes just weeks after the state Legislature passed a budget and days before the governor makes her final decisions on line-item vetoes and other decisions in the budget. As of now, the governor’s office says the budget will preclude the need for a special session to adjust spending. Oil prices dropped nearly 25 percent on Monday, the worst day since 1991. Senate Finance Committee chairman John Arthur Smith, D-Deming, said it was because of a “perfect storm” with a dispute between Saudi Arabia and Russia leading the Middle Eastern nation to slash prices and announce an increase in production.
U.S. Senate Majority Leader Mitch McConnell, a Republican from Kentucky, is expected to announce today whether he’ll try overturning a rule that would cut methane waste from the oil and gas industry. This is the last week that the Senate can overturn the methane rule under the Congressional Review Act (CRA). That law, passed in 1996, allows Congress to overturn federal regulations they disapprove of within 60 days of having received the rule. If the rule is “disapproved,” the agency isn’t allowed to issue a similar rule in the future without statutory authorization. Nor is the CRA subject to judicial review.
If you haven’t gone out to look at the Rio Grande, no matter where along its banks you live, now’s the time. The snowmelt is pouring down the channel, causing the river to overbank in lots of places throughout the Middle Rio Grande Valley. In southern New Mexico, the normally dry channel is also running as water managers are moving water from reservoirs to southern New Mexico fields and orchards and to Texas. Speaking of snowmelt, March was an exceptionally warm month in New Mexico. According to the National Weather Service, 143 record-high temperatures were broken across 34 weather stations on 15 days.