Oil prices are plummeting because of the coronavirus, which is drastically impacting gas and oil production in New Mexico, and now Gov. Michelle Lujan Grisham is vetoing items in the budget. Monday the price for a barrel of oil dropped from about $50 to $31, which is the worst the industry has seen since 2016. "It's just supply and demand, so we're in the midst of a public health crisis with the coronavirus, and it's impacting behavior of consumers all over the world," said Ryan Flynn, the executive director of the New Mexico Oil and Gas Association. That's because people aren't traveling, and fewer planes are taking off."New Mexico's success goes hand and hand with the success of the oil and gas industry," Flynn said. New Mexico is the third largest oil producer in the United States, but with the number of coronavirus cases growing, it's impacting gas prices. "You'll see prices continue to fall, because we're well supplied and so prices for consumers will continue to be low," Flynn said. Sometime this week Lujan Grisham is expected to sign a $7.6 billion budget, which about half of that budget comes from the gas and oil industry. But some state lawmakers are calling on the governor to scale back the budget because of the impact the virus is having on the industry. "Clearly the Democrats are not worried about being fiscally conservative," Rep. Rebecca Dow (R, T or C) said. In a statement, a spokesperson for Lujan Grisham said in part: "We are monitoring the situation very closely. The governor is always concerned about revenue projections and the impact of oil price fluctuations on the state’s budget. These concerns have naturally impacted the governor’s analysis of House Bill 2 and her evaluation of the remaining appropriations." The statement continued, "The governor will be making certain specific vetoes to counteract the potential of downward revenue projections and ensure the state’s reserves are as robust as they need to be." Late Monday the governor vetoed Senate Bill 232, a piece of legislation that would have set aside about $50 million for a variety of local projects.While it's hard to predict the type of impact the coronavirus will continue to have on New Mexico, many are optimistic. "It's too early to be able to predict, how the current situation with respect to the coronavirus and some of the evolving market place conditions, will impact our state or our budget," Flynn said. "From a long term perspective New Mexico stands to continue to reap huge benefits from the strength of the oil and gas industry."