New Mexico’s fossil fuel industry is rebounding from a slump brought on by the coronavirus pandemic, a market downturn and uncertainty surrounding the Biden administration’s pause on new oil and gas leases on public lands, industry experts told a legislative committee Wednesday.

Surging oil prices are helping the state’s industry to recover as demand for fuel rises in response to businesses opening and more people traveling after widespread vaccinations, analysts said.

At the same time, OPEC nations have stemmed production to deliberately reduce global supply, resulting in oil prices climbing to $73 a barrel Wednesday — a dramatic increase from last year’s $15 low.