New Mexico could see $924M in ‘new money’ largely due to Iran war driving up oil prices

New Mexico Legislative Finance Committee analysts on Wednesday told state lawmakers that rising oil costs from the ongoing Iran war are contributing to the hundreds of millions of dollars of “new money” for the state’s budget.

By: Joshua Bowling

Outlets: Source New Mexico

Published: August 26, 2026

Words: 607

Last Updated: 1 month, 3 weeks ago

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New Mexico’s coffers could see $924 million in “new money” in the next fiscal year largely from rising oil costs as a result of the war in Iran, economists told state lawmakers Wednesday.

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The state’s total amount of recurring revenue increased from about $14 billion in the last fiscal year to $14.5 billion in the current fiscal year, according to a new Legislative Finance Committee

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