A horizontal drilling rig and a pump jack sit on federal land in Lea County, N.M., in September. The state stands to lose royalties and revenue from a Biden administration pause on new oil and gas leases.

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico, U.S., on Thursday, Sept. 10, 2020. With the U.S. oil industry reeling from the collapse in demand this year, the New Mexico shale patch has emerged as the go-to spot for drillers desperate to squeeze as much crude from the ground without bleeding cash. Theres just one problem: Joe Biden wants to ban new fracking there. Photographer: Callaghan O’Hare/Bloomberg via Getty Images