The new oil and gas industry in New Mexico has brought several benefits to the state. It has boosted the economy by creating job opportunities and generating revenue through taxes and royalties. Additionally, it has contributed to the development of infrastructure and increased investment in the region.
However, like any industry, the oil and gas sector has also posed some challenges. It can have negative environmental impacts, such as air and water pollution, and can contribute to climate change through greenhouse gas emissions. Additionally, the industry's boom-bust cycles can lead to economic instability and dependency on volatile commodity prices.
Overall, while the oil and gas industry has brought economic benefits to New Mexico, it is important to address and mitigate the potential problems and impacts associated with it.