Oil Prices Exceed $100 Per Barrel Amidst Middle East Conflict

Why it matters locally: New Mexico, as an oil-producing state, could see increased revenue from severance taxes on oil and gas production due to higher prices. However, residents will likely experience higher costs for gasoline and other goods, impacting household budgets across the state.

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Global oil prices rose above $100 per barrel on Thursday. This increase follows renewed fighting and military strikes in the Middle East. These developments have affected global oil supplies. Consumers may see higher costs for various goods. These include gasoline, groceries, and back-to-school supplies. The rise in oil prices contributes to these potential increases.