| The petroleum industry, a vital component of New Mexico's economy, is in a gradual decline. As petroleum production is primarily focused in the southeastern corner of the state, this decline phenomenon is particularly relevant to area residents. The problem addressed in this study was that little information is available regarding the lived experiences of business and community leaders concerning this phenomenon, particularly in terms of future economic sustainability. The purpose of this qualitative phenomenological study was to interview a purposive sample of business and community leaders regarding their lived experiences and perceptions relating to the economic sustainability of the region. Research questions asked about the general awareness of the decline of oil production---data collected from federal and state databases---and potential options for alternative economic development. Coded data were analyzed and themes and patterns were identified. Findings included a general lack of awareness of area residents regarding a decline of production, assumed economic stability, and resistance to change based on a lack of incentive. Included in the findings were potential options for strategic economic diversification. Recommendations included a campaign to promote awareness of the decline of oil, provide incentives for change, and economic diversification as method of moving the local economy away from dependence upon the petroleum industry. Implications for positive social change were that the affected region can use the findings to identify sustainable alternative industries to support the communities into the future. |
