ALBUQUERQUE, N.M. — New Mexico drivers are feeling the impact of rising oil prices at the pump as gasoline costs continue to climb across the state.
According to AAA New Mexico, the statewide average price for a gallon of regular unleaded gasoline is now $4.31, an increase of 26 cents from last week and $1.19 higher than this time last year.
Among New Mexico’s major metropolitan areas, Farmington is reporting the highest average gas price at $4.64 per gallon, while Las Cruces has the lowest average at $4.23 per gallon.
Nationally, the average price for regular gasoline stands at $4.27 per gallon, up 13 cents from a week ago and $1.08 higher than a year ago.
AAA says the increase is being driven largely by rising crude oil prices, which have climbed back above $100 per barrel for the first time since July. Continued volatility in the Strait of Hormuz, a key global shipping route for oil, has contributed to higher energy costs and added pressure on fuel prices.
“Drivers are seeing a noticeable increase at the pump as higher crude oil prices work their way into the retail gasoline market,” said Daniel Armbruster, spokesperson for AAA New Mexico. “Prices would normally be trending lower this time of year, but continued volatility in the oil market is keeping upward pressure on gasoline prices.”
Analysts say gasoline prices typically begin to ease as summer travel demand declines, but ongoing uncertainty in global oil markets is preventing the usual seasonal drop.
AAA says motorists should be prepared for additional price fluctuations in the coming weeks.
