NEW DATA: Trump’s War with Iran & Tariffs Have Forced New Mexico Families to Spend $3,800+ More for Everyday Essentials, Including $980 More for Gas at the Pump

WASHINGTON - U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee and a member and former Chairman of the U.S. Joint Economic Committee (JEC), reacted to a new JEC report that finds President Trump's war with Iran and illegal tariffs have cost New Mexico families an additional $3,800-plus for everyday essentials, including $980 in additional gas costs.

"Trump promised to lower costs, but his war with Iran has driven gas prices up to nearly $4.40 a gallon and diesel above $6 in New Mexico. His tariffs have made the cost of groceries and everyday essentials more expensive, forcing families to pay more than $3,800 extra just to cover the basics. That's money they should be able to spend on their kids, pay down bills, or save for the future. New Mexicans deserve some breathing room, and that starts with Trump ending his war and bringing costs down now," said Heinrich.

To date, Trump's Iran war has forced New Mexicans to spend an additional $775 million on gas. Additionally, the JEC report finds that the Trump administration has forced New Mexico families to spend:

• $476 more on housing costs;

• $310 more for groceries; and

• $70 more on electricity.
  • In just the first seven months of 2026, New Mexico families spent an additional $53 on electricity than they did in the first seven months of 2024.

Read the new fact sheet for New Mexico here.

Read the Joint Economic Committee's full report with state-by-state data here.

These findings follow a JEC report released August 2026 detailing how Trump has gained $61.1 million from oil and gas stocks due to sky-high oil and gas profits and stock prices tied to his war in Iran. Trump bought as much as $3.6 million in additional oil and gas stocks in the first three months of 2026 - a period of time that covers the U.S. operation in Venezuela and the start of the Iran War.

Last week, Heinrich, a member of the Senate Appropriations Subcommittee on Agriculture, Rural Development, and Food and Drug Administration, met with New Mexico farmers and ranchers to hear how President Trump's war with Iran and illegal tariffs are driving up fuel, fertilizer, and farm equipment costs, hurting local producers and making food more expensive for families.

For more background on Heinrich's actions to hold President Trump accountable for his illegal, costly, and reckless war with Iran, click here.

For more background on Heinrich's work to combat President Trump's tariffs and lower the cost of groceries and everyday essentials, click here.

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