Statewide Pump Price Increases as Crude Oil Prices Jump to 2.5 Year Highs

Albuquerque, NM (KKOB) —The statewide gas price average in New Mexico is $2.96 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is one cent more from this day last week and $1.00 more per gallon than on this day last year. Of the major metropolitan areas surveyed in New Mexico, drivers in Farmington are paying the most on average at $3.15 per gallon while drivers in Las Cruces are paying the least at $2.89 per gallon. The national average price for a gallon of regular unleaded is $3.07, which is three cents more when compared to this day last week and $1.00 more than the price per gallon at this same time last year.

Pump price fluctuation will likely continue this summer. On top of tracking gasoline supply and demand data, AAA Texas is tracking two additional factors: crude oil prices and global supply. Crude prices increased, with West Texas Intermediate sitting at $70 per barrel, the highest since October 2018. Since crude accounts for more than 50% of the price at the pump, when it goes up, so does the price motorists pay for fuel. What is promising for drivers wanting lower fuel costs is that crude oil may not sustain at this level. The Organization of the Petroleum Exporting Countries (OPEC+), and its allies including Russia, announced last week they still plan to gradually increase crude production in July. If they do increase production, this could lead to a decrease in crude oil prices.

“New Mexico drivers will see gas prices fluctuate over the next few weeks,” said AAA New Mexico spokesperson Daniel Armbruster. “Higher crude oil prices will likely prop fuel prices up.”

According to gasprices.aaa.com, New Mexico ranks 24th least expensive in the nation for a gallon of regular unleaded on average.

Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile.

To help members and non-members identify quality auto repair shops that can assist in the maintenance and repair of their vehicles, AAA offers the Approved Auto Repair program as a free public service. Motorists can look for the Approved Auto Repair sign at local auto repair facilities, or search for a nearby AAA-approved shop online at www.AAA.com/Repair. AAA New Mexico branch offices throughout the state can be found by visiting www.AAA.com. Follow AAA New Mexico on Twitter: @AAANewMexico and Facebook: www.facebook.com/AAANewMexico.