Oil prices are heading back up (meaning more $$ for New Mexico) — how about those rebates?

As if New Mexico’s $850 million unforeseen revenue surplus weren’t enough, the Iran War is back “on” and gas prices are on the rise again having jumped from about $65 a barrel a few weeks ago to close to $85 a barrel. This means the pain at the pump (and for the economy) is not over, but it also means that the $850 million “extra” that New Mexico collected in oil and gas revenues due to that war is going to grow closer to $1 billion or even more when all is said and done.

While we support bipartisan calls for reducing/eliminating the personal income tax that is going to be a task for the 2027 Legislature and new Governor. NOW is the time for a special session to provide impactful rebates ($500 or more, not $250) to New Mexico families. New Mexico’s financial position continues to grow stronger at the expense of average New Mexicans who are facing higher costs.