DALLAS--While talk of higher oil prices by the organization of Petroleum Exporting Countries last week rattled the financial markets and made consumers cringe, some officials in petro-rich states saw dollar signs.

Reports that Saudi Arabi and other OPEC nations might seek an increase of up to $3 per barrel could mean added pennies to a gallon of gas at the pump. But such a rise would generate an estimated $732 million a year in new revenue for five states that already fund major portions of their budgets from oil and gas revenues.

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