Latest news with #GarciaRichard
Yahoo
30-04-2025
- Politics
- Yahoo
Two candidates toss in names for 2026 lieutenant governor race
Stephanie Garcia Richard, the state's current land commissioner, is one of two candidates filed to run for lieutenant governor in the 2026 elections. (Courtesy image) Two candidates have filed to be considered for New Mexico's next lieutenant governor in the 2026 elections. Current Land Commissioner Stephanie Garcia Richard — who is term-limited in that position — is running as a Democrat while Manuel Lardizabal, a former candidate for the New Mexico Senate, will seek the Republican nomination, according to state candidate filings. In the November general elections, the governor and lieutenant governor run on the same ticket, but each office has separate party primaries in June. The lieutenant governor has both executive and legislative roles. Lieutenant governors are second-in-command and stand in for governors during their absences. The lieutenant governor also serves as president of the New Mexico State Senate, overseeing the body's business during the legislative session and determining issues of decorum or rules. The lieutenant governor holds a tie-breaker vote, according to the state Constitution, but only in the Senate. Garcia Richard announced her bid in March. She told Source NM this week that the pending federal cuts to New Mexico spurred her to run, noting the high percentage of New Mexicans on Medicaid, along with the state's reliance on federal funds for special education. She said she hopes to enhance the office's ombudsman role. 'We need to be leaning on statewide leaders to be showing the way for New Mexico in this time, pushing back on the federal government when it's required, making sure New Mexicans are protected from federal threats,' she said. Garcia Richard said she was inspired by former Democratic Lt. Gov. Diane Denish's role on the children's cabinet and the way current Democratic Lt. Gov. Howie Morales managed unemployment requests during the COVID-19 pandemic. 'The office really can be a powerhouse for constituent services,' she said. 'I'm really running to make the office more responsive and as an agent for positive social change for New Mexicans.' Two Democratic candidates have announced gubernatorial runs in 2026: Bernalillo County District Attorney Sam Bregman and former Congresswoman and U.S. Secretary of the Interior, Deb Haaland. Garcia Richard, who served for three terms in the New Mexico House of Representatives, said she is on good terms with both of the announced candidates. 'I have great relationships with them,' she said. 'I feel like my skill sets could really complement theirs, and I understand that success is relationship-dependent.' According to the latest campaign filings, Garcia Richard has a $32,528 cash balance on hand, a combination she said of a transfer from her campaign for land commissioner and recent donations. Only one candidate, Democrat Juan Sanchez, has jumped into the race for Garcia Richard's land commission seat. Statewide candidates have until Feb. 2, 2026 to file. Garcia Richard also noted that a $600 fine assessed for a late filing from the New Mexico Secretary of State's office was due to a clerical error. 'I filed under my previous office,' she said, and then transferred the account. When reached by phone, Lardizabal told Source NM he's only submitted the initial filing paperwork and would announce his campaign launch and website soon. Lardizabal reported no expenditures or contributions so far. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
17-04-2025
- Business
- Yahoo
State officials say generation of renewables not enough to replace oil revenue
Apr. 16—New Mexico should've started diversifying its revenue a decade ago. That's according to Stephanie Garcia Richard, the public lands commissioner in New Mexico. Garcia and other officials spoke at a Wednesday discussion on energy in an event hosted by Axios in Santa Fe. "We don't have time on our side for this," Garcia Richard said. Meanwhile, state officials are also waiting to see how a federal administration not fond of renewable energy generation will impact New Mexico, an alternative form of energy the state has been increasingly promoting and trying to generate revenue from. The State Land Office oversees 13 million mineral acres and 9 million surface acres of New Mexico public land. Revenue-wise, Garcia Richard said most state money generated from land leases comes from 2 million acres of state land leased out for oil and gas operations in southeastern New Mexico. Garcia Richard said that needs to change. She's not the only one who thinks so. "While we want to continue producing the high levels, we have got to find a way to diversify," Missi Currier, president and CEO of the New Mexico Oil and Gas Association, said on a separate panel at the event. She pointed out that fossil fuels are a finite resource. "And until our state is able to create a business climate that will attract other businesses here, it will be increasingly difficult to diversify," Currier said. It's already a challenge to lessen the state's dependence on fossil fuels. "I've always said that we're never going to replace money from oil and gas development one to one with any other industry," Garcia Richard said. "We have a resource there that is world-class, and so unfortunately we will not be able to replace those billions of dollars one for one to any other diversification tool. "But we should be looking at all kinds of diversification for our revenue." She pointed out that renewable energy resources in the state have increased nearly sevenfold under her tenure, which started in 2019. She added that roughly 2,800 megawatts of renewable energy are generated on state lands today. The money New Mexico gets from clean energy generation is still nowhere near that of oil and gas. And the politicization of renewable energy is making the market more volatile. Garcia Richard said Inflation Reduction Act funds are hanging in flux under the Trump administration. Melanie Kenderdine, secretary for the New Mexico Energy, Minerals and Natural Resources Department, said on another panel her agency in the last year alone brought in $400 million in federal funds. "That's a lot of money for New Mexico," she said. "We don't know what is going to happen in this administration (around) budget reconciliation." Nonetheless, EMNRD is working on what Kenderdine described as an energy analysis of the state, which she hopes can help shape roadmaps around the country and even around parts of the world. "The renewables and the natural gas need to be working together," Kenderdine said.
Yahoo
21-03-2025
- Business
- Yahoo
New Mexico legislators OK increase on future oil royalty rates for prime land
SANTA FE, N.M. (AP) — The state Legislature has endorsed a bill that would raise royalty rates for new petroleum development on prime pieces of land in New Mexico, on one of the world's most prolific oil production areas. A 37-31 vote on Thursday sent the bill from the Statehouse to Democratic Gov. Michelle Lujan Grisham for consideration. The proposal would increase the top royalty rate for oil and gas development from 20% to 25% on New Mexico's state trust lands with implications for the energy industry in the Permian Basin, which overlaps southeastern New Mexico and western Texas. The area accounted for 46% of U.S. oil production in 2023, according to the Federal Reserve Bank of Dallas. New Mexico deposits royalty payments from oil and gas development in a multibillion-dollar investment trust that benefits public schools, universities and hospitals. 'We have a legal duty to maximize the return on these assets,' said Democratic state Rep. Matthew McQueen of Galisteo, a co-sponsor of the bill. Legislative approval was the culmination of a yearslong effort backed by Public Lands Commissioner Stephanie Garcia Richard to increase top-tier royalty rates. A year ago, Garcia Richard put a hold on lease sales indefinitely for coveted tracts while advocating for the rate increase. Proponents say neighboring Texas already charges up to 25% on state trust land amid intense competition to drill in the Permian Basin. The royalty changes in neighboring New Mexico would not go into effect in Texas. Opponents say the rate change threatens to penalize petroleum producers and public beneficiaries, noting that oil production is significantly taxed in other ways and hinges on volatile commodity prices. In a news release, Garcia Richard said the goal is 'to make as much money as possible for school kids and our public institutions.' 'Raising the oil and gas royalty rate on premium state lands was always the right thing to do," she said. Garcia Richard, a Democrat, terms out of office as land commissioner in 2026 and this week announced her candidacy for lieutenant governor. New Mexico is the No. 2 state for oil production behind Texas. Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying dividends as state government income on investments is forecast to surpass personal income tax collections. The state's land grant permanent fund currently distributes about $1.2 billion a year to beneficiary schools, universities and hospitals as well as the state general fund.
The Independent
21-03-2025
- Business
- The Independent
New Mexico legislators OK increase on future oil royalty rates for prime land
The state Legislature has endorsed a bill that would raise royalty rates for new petroleum development on prime pieces of land in New Mexico, on one of the world's most prolific oil production areas. A 37-31 vote on Thursday sent the bill from the Statehouse to Democratic Gov. Michelle Lujan Grisham for consideration. The proposal would increase the top royalty rate for oil and gas development from 20% to 25% on New Mexico's state trust lands with implications for the energy industry in the Permian Basin, which overlaps southeastern New Mexico and western Texas. The area accounted for 46% of U.S. oil production in 2023, according to the Federal Reserve Bank of Dallas. New Mexico deposits royalty payments from oil and gas development in a multibillion-dollar investment trust that benefits public schools, universities and hospitals. 'We have a legal duty to maximize the return on these assets,' said Democratic state Rep. Matthew McQueen of Galisteo, a co-sponsor of the bill. Legislative approval was the culmination of a yearslong effort backed by Public Lands Commissioner Stephanie Garcia Richard to increase top-tier royalty rates. A year ago, Garcia Richard put a hold on lease sales indefinitely for coveted tracts while advocating for the rate increase. Proponents say neighboring Texas already charges up to 25% on state trust land amid intense competition to drill in the Permian Basin. The royalty changes in neighboring New Mexico would not go into effect in Texas. Opponents say the rate change threatens to penalize petroleum producers and public beneficiaries, noting that oil production is significantly taxed in other ways and hinges on volatile commodity prices. In a news release, Garcia Richard said the goal is 'to make as much money as possible for school kids and our public institutions.' 'Raising the oil and gas royalty rate on premium state lands was always the right thing to do," she said. Garcia Richard, a Democrat, terms out of office as land commissioner in 2026 and this week announced her candidacy for lieutenant governor. New Mexico is the No. 2 state for oil production behind Texas. Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying dividends as state government income on investments is forecast to surpass personal income tax collections. The state's land grant permanent fund currently distributes about $1.2 billion a year to beneficiary schools, universities and hospitals as well as the state general fund.
Associated Press
21-03-2025
- Business
- Associated Press
New Mexico legislators OK increase on future oil royalty rates for prime land
SANTA FE, N.M. (AP) — The state Legislature has endorsed a bill that would raise royalty rates for new petroleum development on prime pieces of land in New Mexico, on one of the world's most prolific oil production areas. A 37-31 vote on Thursday sent the bill from the Statehouse to Democratic Gov. Michelle Lujan Grisham for consideration. The proposal would increase the top royalty rate for oil and gas development from 20% to 25% on New Mexico's state trust lands with implications for the energy industry in the Permian Basin, which overlaps southeastern New Mexico and western Texas. The area accounted for 46% of U.S. oil production in 2023, according to the Federal Reserve Bank of Dallas. New Mexico deposits royalty payments from oil and gas development in a multibillion-dollar investment trust that benefits public schools, universities and hospitals. 'We have a legal duty to maximize the return on these assets,' said Democratic state Rep. Matthew McQueen of Galisteo, a co-sponsor of the bill. Legislative approval was the culmination of a yearslong effort backed by Public Lands Commissioner Stephanie Garcia Richard to increase top-tier royalty rates. A year ago, Garcia Richard put a hold on lease sales indefinitely for coveted tracts while advocating for the rate increase. Proponents say neighboring Texas already charges up to 25% on state trust land amid intense competition to drill in the Permian Basin. The royalty changes in neighboring New Mexico would not go into effect in Texas. Opponents say the rate change threatens to penalize petroleum producers and public beneficiaries, noting that oil production is significantly taxed in other ways and hinges on volatile commodity prices. In a news release, Garcia Richard said the goal is 'to make as much money as possible for school kids and our public institutions.' 'Raising the oil and gas royalty rate on premium state lands was always the right thing to do,' she said. Garcia Richard, a Democrat, terms out of office as land commissioner in 2026 and this week announced her candidacy for lieutenant governor. New Mexico is the No. 2 state for oil production behind Texas. Efforts by New Mexico to save and invest portions of a financial windfall from local oil production are paying dividends as state government income on investments is forecast to surpass personal income tax collections.
