Efforts to reduce greenhouse gas emissions are projected to reduce demand for oil and natural gas, creating economic risks for the hundreds of communities and hundreds of thousands of workers who depend on those industries. However, very little research has sought to identify policy options for building economic resilience in oil- and gas-producing communities. In this analysis, we use semistructured interviews with stakeholders in New Mexico’s oil- and gas-producing regions to understand how the federal government can support local efforts to strengthen economic diversification.