Martin Yates’ company first struck oil 100 years ago, 15 miles southeast of the small town of Artesia in southeast New Mexico. This event paved the way for what became known as the “shale revolution” decades later as fossil fuel production boomed in the Permian Basin.
The industry’s growth created thousands of jobs and drove state revenue by about $15 billion in the last fiscal year. Today, it is the region’s defining industry.
Author Alex Epstein commented on the growth in American oil and gas, stating that it could continue well beyond the next decade despite predictions that peak oil demand could hit by 2033. He said, "The main impediment to the ongoing oil boom were policies at the state and federal level aiming to mitigate environmental impacts but also impacting economic growth."
Epstein made these remarks during a ceremony on June 14 at the Artesia Country Club. The event marked the 100th anniversary of Illinois #3 well, which was the first to produce oil in southeast New Mexico in 1924. The first state oil royalty check from this well was $135, equivalent to $2,394 in 2024.
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