Santa Fe, NM (KKOB) – While residents across the state have had to deal with the high gas prices as part of the war with Iran, the state of New Mexico has benefited from higher oil prices to the tune of half-billion dollars, according to the state’s Legislative Finance Committee economist. Around $500 million will be going to the permanent fund, to help pay for the universal childcare program, the Medicaid Trust Fund which helps pay for low-income healthcare among other programs.
The revenue will be collected for fiscal year 2026, which ends June 30, as well as fiscal year 2027, Gray said. In an opinion piece published Saturday in the Albuquerque Journal, Gov. Michelle Lujan Grisham advocated for the Legislature to consider providing tax rebates of at least $250 to New Mexicans.
New Mexico is the nation’s second largest oil producer after Texas.
