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New Mexico sees largest gas price jump in Southwest prompting lawmaker demand for federal response
U.S. Rep. Gabe Vasquez, a Democrat representing southern New Mexico and Albuquerque’s Westside sent a letter to President Donald Trump Wednesday, demanding the administration outline a strategy to combat rising energy prices driven by the ongoing conflict with Iran. A recent report from The New York Times highlights the severity of the crisis in Vasquez’s home state. According to AAA data cited by the Times, New Mexico experienced the largest price jump among neighboring states Arizona, Colorado, Nevada and California with average gas prices surging $1.18 per gallon — from $2.61 to $3.79 — between mid-February and mid-March. Current daily AAA data shows the state average remaining high at $3.796, a 37% increase from a month ago when the war in Iran started. AAA data from Feb. 16 and March 18. Vasquez said that his constituents in southern New Mexico are bearing the brunt of the recent gas price hikes. “Families in my district are paying more at the pump than almost anywhere else in the country — over a dollar more per gallon in just one month,” Vasquez said. “Ranchers are seeing their operating costs climb, small businesses are getting squeezed, and hardworking New Mexicans are being forced to stretch every dollar just to keep up.” The Times report notes that the war in Iran has caused major supply disruptions, specifically preventing oil-exporting countries in the Persian Gulf from moving product through the Strait of Hormuz. Nationally, the 27% four-week price jump is the second-largest in at least 30 years, eclipsed only by the supply shortages following Hurricane Katrina in 2005. Gabe Vasquez In his letter, the congressman pointed to these global market shocks. He noted that despite the Permian Basin in New Mexico serving as a cornerstone of U.S. energy production, the state’s residents remain highly vulnerable to global instability. These rapid price increases are also having a disproportionate effect on lower-income households, who spend a larger share of their earnings on gasoline. Vasquez is urging the federal government to coordinate with domestic energy producers and take immediate steps to lower costs, warning of sustained inflation and long-term economic damage. “From the Permian to the pump, New Mexicans understand energy—but right now, they’re feeling the pain of rising costs,” Vasquez stated. “The federal government must act with urgency to stabilize prices and protect the economic security of American families.” Vasquez has requested a formal response from the administration by April 25. Share this story and start a conversation The post New Mexico sees largest gas price jump in Southwest prompting lawmaker demand for federal response appeared first on NMreports.org.
New Mexico sees largest gas price jump in Southwest prompting lawmaker demand for federal response
U.S. Rep. Gabe Vasquez, a Democrat representing southern New Mexico and Albuquerque’s Westside sent a letter to President Donald Trump Wednesday, demanding the administration outline a strategy to combat rising energy prices driven by the ongoing conflict with Iran. A recent report from The New York Times highlights the severity of the crisis in Vasquez’s home state. According to AAA data cited by the Times, New Mexico experienced the largest price jump among neighboring states Arizona, Colorado, Nevada and California with average gas prices surging $1.18 per gallon — from $2.61 to $3.79 — between mid-February and mid-March. Current daily AAA data shows the state average remaining high at $3.796, a 37% increase from a month ago when the war in Iran started. AAA data from Feb. 16 and March 18. Vasquez said that his constituents in southern New Mexico are bearing the brunt of the recent gas price hikes. “Families in my district are paying more at the pump than almost anywhere else in the country — over a dollar more per gallon in just one month,” Vasquez said. “Ranchers are seeing their operating costs climb, small businesses are getting squeezed, and hardworking New Mexicans are being forced to stretch every dollar just to keep up.” The Times report notes that the war in Iran has caused major supply disruptions, specifically preventing oil-exporting countries in the Persian Gulf from moving product through the Strait of Hormuz. Nationally, the 27% four-week price jump is the second-largest in at least 30 years, eclipsed only by the supply shortages following Hurricane Katrina in 2005. Gabe Vasquez In his letter, the congressman pointed to these global market shocks. He noted that despite the Permian Basin in New Mexico serving as a cornerstone of U.S. energy production, the state’s residents remain highly vulnerable to global instability. These rapid price increases are also having a disproportionate effect on lower-income households, who spend a larger share of their earnings on gasoline. Vasquez is urging the federal government to coordinate with domestic energy producers and take immediate steps to lower costs, warning of sustained inflation and long-term economic damage. “From the Permian to the pump, New Mexicans understand energy—but right now, they’re feeling the pain of rising costs,” Vasquez stated. “The federal government must act with urgency to stabilize prices and protect the economic security of American families.” Vasquez has requested a formal response from the administration by April 25. Share this story and start a conversation The post New Mexico sees largest gas price jump in Southwest prompting lawmaker demand for federal response appeared first on NMreports.org.