Six weeks ago, when the NM State Legislature was heading into its 2016 30-day “short session,” the price of West Texas Intermediate Oil was below $30 a barrel, and the fear was rampant that even this might not be the bottom of the market. In recent days, the benchmark price of American oil had climbed back, and for a week of more apparently stabilized at just under $40 a barrel. Can that save New Mexico’s budget from drowning in red ink?Matthew Reichbach, the Editor of the New Mexico Political Report has some not so good news.
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