New Mexico is raking in oil profits from Iran War, gaining $59 million for every $1 added to the price of a barrel | Fortune

"New Mexico produces more oil than any other state besides Texas, and the state's revenue from taxes, royalties and lease sales helps cover the cost of college tuition, all school meals, health insurance and a new initiative for free universal child care. Now that oil prices are surging from the conflict with Iran, money is flooding into the state treasury and creating an uncomfortable situation for Democrats who oppose the war and would rather reduce their reliance on fossil fuels."

""It's hard for people to think about, 'Oh great, we have this windfall,' and children are getting killed on the other side of the world," said Deb Haaland, the former U.S. Interior Department secretary running for governor. Haaland is one of two Democrats running to succeed Gov. Michelle Lujan Grisham, who is wrapping up her second term in office."

"Now she wants to use money amid the energy boom to increase New Mexico's child tax credit and boost the refundable working families tax credit, payouts that would most benefit people with low incomes. "We have obligations to try to have a better world overall," said Haaland, a member of Laguna Pueblo who could become the first female Native American governor in the U.S. "I think we can do that.""

"Her rival for the Democratic nomination, Albuquerque-based District Attorney Sam Bregman, said he wants to offset inflation with one-time $500 checks from the state to residents making less than $200,000 a year. He also wants to waive personal income taxes on residents 65 and older."

New Mexico produces more oil than any state besides Texas, and state revenue from taxes, royalties, and lease sales funds college tuition, school meals, health insurance, and a new universal child care initiative. Oil price increases tied to conflict in the Strait of Hormuz are sending additional money into the state treasury. Democrats who oppose the war and prefer reducing reliance on fossil fuels face discomfort about benefiting from the surge. Deb Haaland, a Democratic candidate for governor, wants to expand child tax credit and refundable working families tax credit to support low-income residents. Her rival, Sam Bregman, proposes one-time $500 checks for residents earning under $200,000 and waiving personal income taxes for residents 65 and older.

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