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OPINION: New Mexico's windfall belongs to New Mexicans

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It鈥檚 no secret that New Mexico鈥檚 finances rise and fall with oil prices 鈥 and right now, prices are high.

That鈥檚 good news for state coffers, and it should be good news for New Mexicans, too.

Crude oil prices surpassed $100 per barrel this spring, up from $58 before President Trump鈥檚 reckless war in Iran. Economists project that the price spike will bolster our trust funds with an extra $825 million.

But the same price surge padding the state鈥檚 bank accounts is draining New Mexicans鈥 wallets at the pump. Since the start of the war, New Mexicans have paid as much as $1.30 more for a gallon of gasoline, and that adds up fast.

Urban Trujillo of Bloomfield wrote to my office about what鈥檚 happening in San Juan County. Gas there has climbed to $4.38 a gallon 鈥 and as he pointed out, prices in his community run higher than those in Albuquerque.

鈥淲e can blame all kinds of things, but that doesn鈥檛 change having to choose between food or fuel,鈥 he wrote. 鈥淚f you decide on food, you still can鈥檛 get it because you can鈥檛 get to it.鈥

It鈥檚 a calculation that a nurse in Gallup now must make before her commute. It鈥檚 a bag of groceries a family in Las Cruces has to skip. It is the summer trip to Carlsbad Caverns an Albuquerque family can no longer afford.

And the consequences compound: Since the war began, households across the nation have shouldered an estimated $450 in additional fuel costs. That鈥檚 $450 in foregone groceries, stalled medical care and spent savings.

Economists warn that sustained high fuel prices push workers to narrow their job search and accept lower wages to avoid commuting costs, compressing opportunity where it is already scarce. In rural New Mexico 鈥 where nearly a third of residents already travel long distances for routine medical care 鈥 rising gas prices could lead some to forego care altogether. For the gig workers, truckers and owner-operators who keep New Mexico鈥檚 economy moving, passing costs along can prove difficult.

New Mexico is one of the only states in the nation where rising gas prices are simultaneously creating a state budget windfall and a kitchen-table crisis. Our severance taxes and oil royalties capture the upside; our families absorb the downside.

When the state鈥檚 good fortune comes at a direct cost to the people who live here, the appropriate response is to share what we鈥檝e collected. That is why I am asking the Legislature to consider giving some of it back as an energy relief rebate of at least $250 for every taxpaying New Mexican. We can afford it. Moreover, it鈥檚 just plain good sense to reinvest in the hard-working New Mexicans who fuel this state鈥檚 economy.

New Mexicans didn鈥檛 choose this war or its consequences. But they鈥檝e borne the cost of this conflict in every gallon of gas they鈥檝e pumped. Now we have an opportunity to give back.

New Mexico鈥檚 oil revenue windfall belongs to New Mexicans, and I urge state lawmakers to return at least part of it directly to them. Our state has spent years practicing the fiscal discipline to weather volatility and to act when the moment calls for it. That moment is now.

Michelle Lujan Grisham is governor of New Mexico.