By Kevin Robinson-Avila / ABQ Journal Staff Writer The full article is here-> Oil patch woes are bleak news for NM " The massive bleeding in New Mexico’s oil and gas industry has subsided, thanks to modest recovery in prices, but producers don’t expect a major comeback anytime soon. “Overall, the view is still pessimistic, at best,” said Gregg Fulfer, Lea County Commission chair and owner of Fulfer Oil and Cattle Co. in Jal. “People have cut back, and there are no plans that I can see to gear back up yet.” Oil pump jacks lie behind the fence of LINN Energy near the town of Loco Hills. Oil prices have risen in recent months, but the industry is struggling. That’s bad news, not just for business and government in southeast New Mexico, but for the state as a whole. While the decline in oil prices may have reached bottom, the state’s tax income continues to plummet. The state may be looking at a deficit of $150 million to $175 million for the new fiscal year that began Friday. That follows on the heels of spending cuts in February as part of the fiscal 2017 budget. “That will be tough to deal with,” said Sen. John Arthur Smith, D-Deming, who chairs the Legislative Finance Committee. “Our … reserves are now in the 3 percent range. They had typically been in the 10 percent range.” A deficit of that magnitude could force officials to consider a special session of the Legislature, Smith said.