ALBUQUERQUE, N.M. — New Mexico drivers are seeing some relief at the gas pump, with average fuel prices declining over the past week.
According to AAA New Mexico, the statewide average price for a gallon of regular unleaded gasoline is $4.04, down 8 cents from a week ago. However, prices remain 99 cents higher than they were at this time last year.
Among New Mexico’s major metropolitan areas, Farmington has the highest average gas price at $4.36 per gallon, while Albuquerque has the lowest at $4.00 per gallon.
Nationally, the average price for regular gasoline is $4.09 per gallon, down one cent from last week but still 89 cents higher than a year ago.
AAA says higher crude oil prices continue to influence fuel costs. Oil prices have remained near $80 per barrel, driven in part by ongoing concerns surrounding shipping and energy supplies in the Strait of Hormuz.
Despite the recent decline in gas prices, AAA notes that August is on track to become the most expensive August on record at the pump, marking the first time the national average has remained above $4 per gallon throughout the entire month.
