New Mexico has become the second-largest oil producer in the United States, contributing 14% of national crude oil output since 2013. From 2010 to 2024, New Mexico has increased its annual oil production by 645 million barrels, mainly driven by furthering operations in the Permian Basin. The value of the industry has surged to approximately $110 billion in 2022.

In 2000, 52% of extracted crude oil was refined within the state, but by 2023, this figure has dropped to only 6%, making New Mexico’s output becoming almost entirely crude oil.