The Budget and Political Impacts of Wartime Oil Prices

5.29.26 – The price of oil has skyrocketed this year due to the Trump administration’s ongoing war in Iran and fraught access to the critical Strait of Hormuz. And while New Mexicans have been feeling the squeeze at the gas station, the state of New Mexico has been quietly reaping millions in new revenue as the nation’s second highest producer of crude oil. It’s a difficult puzzle for the primary election’s crop of Democratic candidates who oppose the war, yet might want to use those wartime profits if elected as governor. Charles Sallee, director of the Legislative Finance Committee, and Trip Jennings, executive director of New Mexico In Depth, join Nash in the studio to break down the monetary and political impacts of the ongoing oil price fluctuations. 

Host: Nash Jones 

Guests: 

Charles Sallee, Director, Legislative Finance Committee  

Trip Jennings, Executive Director, New Mexico In Depth   

For More Information: 

New Mexico politicians grapple with oil windfall from Iran war that’s both ‘awesome’ and awkward – Associated Press