ALBUQUERQUE, N.M. — New Mexico drivers continue to face higher fuel costs as the statewide average price for regular gasoline remains above the four-dollar mark.
According to the latest AAA New Mexico Weekend Gas Watch, the average price for a gallon of regular unleaded gasoline is $4.05, up one cent from last week and $1.05 higher than this time last year.
Among New Mexico’s major metropolitan areas, Farmington has the highest average gas price at $4.24 per gallon, while Las Cruces has the lowest average at $4.00 per gallon.
Nationally, the average price for regular unleaded gasoline is $4.09 per gallon, an increase of 15 cents from a week ago and 94 cents higher than a year ago.
AAA says rising crude oil prices are continuing to put pressure on fuel costs. Analysts point to instability in the Middle East and ongoing concerns surrounding the Strait of Hormuz, a key global shipping route for oil, as factors driving crude prices into the $90-per-barrel range.
“New Mexico drivers are paying significantly more for gasoline than they were a year ago as higher crude oil costs continue to affect prices at the pump,” said Daniel Armbruster, spokesperson for AAA New Mexico. “With the global oil market remaining volatile, motorists should be prepared for continued price fluctuations.”
AAA says fuel prices could continue to fluctuate through the second half of the summer as global energy markets respond to geopolitical developments and supply concerns.
