ALBUQUERQUE, N.M. — New Mexico drivers are paying more at the pump as gas prices continue to rise across the state heading into the weekend.
According to AAA New Mexico, the statewide average price for regular unleaded gasoline has climbed back above $4 per gallon, marking an increase of approximately $1.17 compared to the same time last year.
Among New Mexico’s largest cities, Farmington continues to have the highest average gas price at $4.28 per gallon, while Las Cruces has the lowest at $4.01 per gallon. In Albuquerque, drivers are paying an average of about $4.06 per gallon.
AAA says increasing crude oil prices are helping drive the higher fuel costs. Analysts point to instability surrounding the Strait of Hormuz, one of the world’s most important oil-shipping routes, as a key factor contributing to market uncertainty and rising oil prices.
“New Mexico drivers are seeing prices climb again as instability surrounding the Strait of Hormuz pushes crude oil costs higher,” said Daniel Armbruster, spokesperson for AAA New Mexico. “The statewide average has moved back above $4 per gallon, and continued volatility in the oil market could lead to additional fluctuations at the pump.”
Oil prices have recently approached $80 per barrel, adding pressure to gasoline markets nationwide.
