Albuquerque, NM (KKOB) — The statewide gas price average in New Mexico is $3.91 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is 16 cents less when compared to this day last week and 81 cents 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 $4.66 per gallon while drivers in Albuquerque are paying the least at $3.70 per gallon. The national average price for a gallon of regular unleaded is $4.14, which is 14 cents less compared to this day last week and 95 cents less than the price per gallon at this same time last year.
Several market forces continue to push pump prices lower. On Wednesday, crude oil prices reached their lowest point since Russia’s invasion of Ukraine. Crude prices are falling as the energy industry factors in a possible economic slowdown. Additionally, demand for gasoline fell week-to-week and regional supplies increased. Both factors are helping push retail fuel prices lower. In addition, the Organization of the Petroleum Exporting Countries and allies (OPEC+) has agreed to a small boost in crude oil production, which may support falling retail pump prices in the weeks to come.
“Retail fuel prices continue to drop as crude oil prices fall on concerns of a global economic slowdown,” said AAA New Mexico spokesperson Daniel Armbruster. “It remains to be seen how far gasoline prices can actually fall with the busy summer driving season still underway.”
According to gasprices.aaa.com, New Mexico ranks 18th 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.