b'2020 Scholarship FoundationNew Mexico Notesing reducing funding to public school districts by amountsFreedom school districts had in savings. New Mexicos recovery from the oil price bust and thestarts with coronavirus-related economic downturn could be slow, LFC analysis indicates.U.S. oil producers have cutRuben Bacaa sticker in back 2020 spending plansbecause of low prices, and if New Mexico NotesWill you join them?no new wells are drilled in New Mexico, state productionNMPMA your store.could drop 45 percent in sixExecutive Directormonths, staff report. Low oil prices and declining production will lead to losses in severance taxes and federal royalties, gross receipts taxes from drilling activity, and income taxesConvenience stores are from oil-field workers. Further, unemployment in New Mexico, driven by theplaying a lifesaving shutdown of thousands of businesses, could reach 15 percent or more this quarter, particularly in the hospital- role in disrupting human ity and tourism, consumer services, and energy sectors, analysis indicates.trafficking. LFC economists say recovery could be slow, withconsumers reluctant to resume normal activitiesand the permanent loss of businesses that could not weather the shutdown. While the nation could bounce back early next year, New Mexico tends to lag behind the nation in eco- Are you safe?Need freedom?nomic recoveries, and the state may take years to regain the lost economic activity, they say. IHS Markit, anSe siente seguro?Necesita ser libre?? ?international forecasting company and one of two usedNATIONAL HUMAN TRAFFICKING HOTLINEby the legislative and executive economists of the state888-3737-888Consensus Revenue Estimating Group, expects a 26.5Text HELP to 233733 (BeFree)percent decline in the U.S. gross domestic product thisIN OUR BACKYARDquarter, while Goldman Sachs is projecting a decline ofwww.InOurBackyard.orgwww.InOurBackyard.org25 percent. In comparison, the lowest quarterly declineIN OUR BACKYARDIN OUR BACKYARD 2018www.InOurBackyard.orgduring the Great Recession was 8.4 percent.IHS projects per barrel oil prices to remain in the lowEducate your Employees. $20s through the end of this year, possibly rising to the low $30s in 2021. If true, LFC analysis shows, New Mexicos realized oilPost Freedom Stickers.price would average about $25 per barrel in FY21 and $35 per barrel in FY22. The price used in the DecemberJoin CSAT.2019 forecast, the most recent produced by the state revenue estimating group, was $50 for FY21. Upcoming EventsThe NMPMA Convention and Trade Showhas been cancelled for 2020. Go to www.wpma.com/ LEARN MORE AT new-mexico for details to come for 2021! www.inourbackyard.org/CSAT SWPMA News / Summer 2020CONVENIENCE STORES 45AGAINST TRAFFICKINGwww.inourbackyard.org/csatCONVENIENCE STORESAGAINST TRAFFICKINGwww.inourbackyard.org/csat'