ALBUQUERQUE, N.M. (AP) — As New Mexico’s oil and gas industry struggles with lower prices and slowing production brought on by the coronavirus pandemic, some members of Congress and state officials are urging the U.S. Interior Department to allow operators to temporarily plugs wells until prices stabilize. U.S. Rep. Xochitl Torres Small’s district includes part of the Permian Basin, one …

BILLINGS, Mont. (AP) — The Trump administration has started giving energy companies temporary breaks on royalties and rent they pay to extract oil and gas from leases on public lands because of the coronavirus pandemic. The move drew quick criticism as a handout to industry that will mean less money for state governments. A Democratic lawmaker called for an investigation …

LONDON (AP) — Global demand for oil will fall this year by the most ever due to the economic lockdowns enforced around the world to contain the coronavirus pandemic, the International Energy Agency said Wednesday. An estimated drop in demand of 9.3 million barrels a day this year is equivalent to a decade’s worth of growth. The agency, which advises …

DUBAI, United Arab Emirates (AP) — OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. The cartel and other nations agreed to allow Mexico to cut only 100,000 barrels …

DUBAI, United Arab Emirates (AP) — The OPEC oil cartel and nations including Russia have agreed to boost oil prices by cutting as much as 10 million barrels a day in production, or a tenth of global supply. More countries, including the United States, were discussing Friday their own cuts in what would be an unprecedented global pact to stabilize …

MOSCOW (AP) — Oil-producing countries including those of the OPEC cartel and Russia are trying to strike a global deal to pump less crude in a bid to limit a crash in prices that, while welcome for consumers, has been straining government budgets and pushed energy companies toward bankruptcy. Thursday’s videoconference is part of a series of talks on stabilizing …

Selling your product at a loss is a poor way to do business. Oilfield experts applauded New Mexico State Land Commissioner Stephanie Garcia Richard for proposing a rule change to temporarily allow operators to turn off the pump where they choose. Citing the current oil price crash, Garcia Richard announced the State Land Office would initiate emergency rulemaking processes to …

WASHINGTON (AP) — President Donald Trump offered assurances of better times and coronavirus tests to oil CEOs at a White House summit Friday, but no firm proposals for easing the industry’s way as the coronavirus pandemic and plunging petroleum prices threaten America’s yearslong fracking boom. Executives of Chevron, Exxon and other large and medium-size petroleum companies and industry trade groups, …

LOVINGTON — Over the top in December and January. “Lea County is now officially the No. 1 oil and gas producer in the U.S.,” said County Chairwoman Rebecca Long on Thursday. “We have the final numbers in for December and January, both.” With the latest data available, County Finance Director Chip Low said earlier this month the numbers for December …

SANTA FE, N.M. (AP) — Oil and natural gas royalty payments for development on state trust lands netted nearly $109 million for New Mexico in one month. Land Commissioner Stephanie Garcia Richard announced the record revenues Friday, saying the State Land Office is on track to raise another $1 billion this year for public schools, hospitals and other beneficiaries. Much …