The oil Bears were out in force when this article hit. Reader David Meurer was among many readers who pounced:

Signs of a slowdown permeate the Permian Basin, the 55 million acres in West Texas and New Mexico whose abundant oil and widespread fracking fueled America’s quest for energy independence. Dragged into the downdraft of this year’s 19% drop in drilling are orders for everything from giant earth movers that build well-site roads to chemicals used to kill bacteria during hydraulic fracturing. Rig counts are down, hotel proceeds are declining, home sales are slowing and fewer jobs are available than just last year.

Well, David and others, like any boom the first couple of years are the most intense. We suspect the Permian will find a slower growth pattern for the coming years that will continue to generate substantial money to NM's General Fund. The “crashes” of the past are probably history, given the  presence of the giant multinationals (such as Exxon) that can continue to profitably pump oil at very low prices, unlike the smaller independent companies that once dominated the state oil scene. It is true that one of the most dangerous sayings around is: "This time it's different." But you can't ignore the evidence. This time it really does look different.

Senator John Arthur Smith, chairman of the influential Senate Finance Committee has had it wrong on the oil boom and now says two years of gargantuan surpluses in a row still doesn't make us oil Bulls geniuses. But he has been stunned by the anticipated surpluses and we Bulls have not. We have urged Santa Fe to be more daring in funding annual programs that could make a dent in the state's dismal social conditions standing, rather than stuff all the money under the mattress waiting for the sky to fall along with the oil price. Not many takers, but we do find common ground with "Dr. No's" assessment of the state workforce:

State agencies are understaffed and have been for a decade. Despite a steady increase in personnel funding, the number of state employees today is well below 2009 levels. There are simply too few parole officers to effectively monitor offenders, too few social workers to protect vulnerable children – simply too few. . . Some jobs are hard to fill because the workers--especially teachers and healthcare workers – simply don’t exist, and they aren’t in the higher education pipeline. Clearly, rebuilding the workforce for some state services will need the collaborative effort of lawmakers, the state’s colleges, and executive agencies.

AND NOW THE END IS NEAR

Actually, this is a pretty good legacy for retiring 80 year old Santa Fe State Rep. Jim Trujillo, chairman of the House tax committee:

Trujillo. . . was the. . . primary architect of a tax package. . . that paved the way for state and local governments to start levying a tax on online sales--a 2018 U.S. Supreme Court ruling allowed states to do so--and requires nonprofit hospitals to pay the same tax rate that other hospitals do. In addition, the legislation will likely create a new personal income tax brackets for higher-earning New Mexicans, while reducing the tax burden on others by increasing an existing tax credit for working families.

Well done, sir.

GRACING NEW MEXICO

It's not well-known in New Mexico but word has spread across the globe about Santa Fe's Inn of the Five Graces. In the 2019 Conde Nast Readers' Choice Awards the Inn ranked 17th out of the top 50 hotels worldwide. Pretty impressive.

If you want to squeeze a stay into your weekend plans, prepare to pay up. The starter room is a two bedroom suite and goes for $925 a night (plus taxes). But you will have plenty of elbow room. The suite is over 600 square feet.

And you don't have to miss out on that breakfast burrito you would have had if you went to the final weekend of Balloon Fiesta. They'll deliver a made to order breakfast directly to your room, included in the $925 price tag. Yeah, now you're livin'.

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(c)NM POLITICS WITH JOE MONAHAN 2019