It is really quite evident that New Mexico has put many of its eggs into one basket. That would be the oil and gas industry mainly. Every time there is a move in the price of natural gas the State's Revenues are overly affected. During high prices we get a glut of money that the Governors and Legislators spend freely. During times of falling prices the budget shrivels up like a prune and the ones that get hardest hit are the poor and education.
The other big revenue source for our state is spending by the federal government on military, research and general federal programs. That is now under constant attack by the current Governor's right wing handlers. The budget cutting they want the feds to undertake will devastate New Mexico.
One thing that Bill Richardson did was try to diversify our revenue sources by attracting new industry. The Space Port and Film Industry got tax breaks but in the long run will pay dividends. I think Governor Martinez's softening of attacks on these two efforts shows she at least is beginning to understand their value.
The really bad situation here is the effective money laundering into the Super Pacs by the oil and gas boys that seeks to feather their beds even more. You don't see that kind of effort and political capital being expended on protecting New Mexico's federal revenues. Too bad. It will hurt us greatly in the future.