New Mexico’s Oil Boom Continues

New Mexico made news with the state’s impressive plan to offer universal child care. I wrote about this a couple years ago. At the time, many cautioned that the state’s oil production, and thus oil revenue, was likely to fall. The opposite has happened and New Mexico has led total US oil production higher.

In June 2025, the US produced 13.6 million barrels of crude oil per day. That’s equivalent to 0.04 barrels per person per day, or $2.50 per person per day.

But New Mexico, with 2.1 million residents, produced 2.24 million barrels of crude oil per day in June, equivalent to $66 per person per day at current prices. Over the past year, the state’s oil production increased by 264,000 barrels per day. Texas, the leading oil-producing state, had production fall by 33,000 barrels per day over the same period.

For more context, my earlier post compared New Mexico with Norway. Norway’s daily per capita crude oil production reached 0.7 barrels during 1996 to 2002. New Mexico produces over one barrel per resident per day.