New Mexico's oil-and-gas bounty has built a $75 billion investment fund, making it the second-largest oil-producing state behind Texas. In a beige office park near a Walmart in Santa Fe, state investment officer Jon Clark manages waves of revenue: $7.6 billion arrived in 2024, followed by $5.3 billion in 2025, with $5.4 billion projected this year.

Soaring crude prices from the U.S. war with Iran are translating into another burst of revenue. The question for the state now: what to do with it? The fund would be the envy of Wall Street, but policymakers are divided on spending priorities.

Some argue for investing in education, infrastructure, and tax relief, while others caution against overspending given volatile commodity cycles. The debate reflects broader tensions over how resource-rich states manage sudden wealth.