States cash in on oil price surge amid Iran conflict
Oil prices have shot up due to the ongoing conflict in Iran, and that's turning into a big payday for several US states.
New Mexico, for example, recorded at least $7.3 billion in oil-and-gas revenue in fiscal year 2025 and stands to earn additional revenue as prices rise.
This extra cash is helping states cover budget gaps and put more money into things like schools.
Alaska and Wyoming are also seeing major boosts
Alaska and Wyoming are also seeing major boosts:
Higher oil prices may reduce pressure on Alaska's projected $1.6 billion budget shortfall or lessen the need to tap savings, while an analysis showed that if oil averaged $100 per barrel, Wyoming's revenue could increase by roughly $40 million a month.
Leaders say these oil profits are funding not just education and infrastructure, but also supporting local businesses; Hobbs Mayor Jonathan Sena points out hospitality and retail are getting a real lift from all the activity.