Albuquerque, NM (KKOB) — The statewide gas price average in New Mexico is $2.99 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is 10 cents less when compared to this day last week and 18 cents less 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 $3.77 per gallon while drivers in Las Cruces are paying the least at $2.82 per gallon. The national average price for a gallon of regular unleaded is $3.20, which is five cents less when compared to this day last week and 15 cents less than the price per gallon at this same time last year.
It’s been almost a year since New Mexico gas prices have been this low. The statewide average for regular unleaded has hit $2.99 per gallon, matching the rate from December 27, 2022. The main reason for this drop is the $20 per barrel decrease in crude oil prices since the end of September. Since crude oil is the main ingredient in gasoline, this dip has pulled retail gas prices down. In addition, the latest data from the Energy Information Administration shows gasoline supplies are healthy.
“Gas prices are currently at their lowest point in almost a year,” said Daniel Armbruster, spokesperson for AAA New Mexico. “Lower crude oil prices are anticipated to translate into continued relief for consumers at the gas pump throughout December.”