AAA: Gas prices on their way back up in NM

• national gas price average had already been on the rise since mid-September

(Albuquerque – The statewide gas price average in New Mexico has jumped to $3.75 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.

That price is 10 cents more when compared to this day last week and 60 cents more 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 $3.97 per gallon while drivers in Las Cruces are paying the least at $3.66 per gallon. The national average price for a gallon of regular unleaded is $3.87, which is 9 cents more compared to this day last week and 65 cents more than the price per gallon at this same time last year.

On Wednesday, OPEC+ announced plans to cut production by two million barrels per day. Gas prices across New Mexico began increasing just hours before the anticipated announcement. While it’s too early to determine how high or long retail gasoline prices will increase, the impact is expected to last through this coming weekend, possibly further.

The national gas price average had already been on the rise since mid-September due to a number of factors including refinery issues on the West Coast, a refinery fire in the Midwest and Hurricane Ian. Supplies of refined gasoline and crude oil remain tight across the U.S., as demand climbed again this week. The switchover from summer blend to the cheaper winter blend fuel has already taken place across most of the country.

“Tight supplies, climbing demand and OPEC+’s announcement to cutback output by two million barrels per day are putting upward pressure on retail gas prices,” said AAA New Mexico spokesperson Daniel Armbruster. “It’s too early to determine how strong of an impact the production cuts will have on pump prices. However, prices in New Mexico have climbed eight cents per gallon since Wednesday.”

According to gasprices.aaa.com, New Mexico ranks 33^rd least expensive in the nation for a gallon of regular unleaded on average.

Prices up to date at press time using market prices posted at 3:41 a.m. Motorists can find current gas prices along their route with the free and revamped AAA App for iPhone, iPad and Android. The app can also be used to map a route and learn traffic conditions along that route, find discounts, locate parking, book a hotel and request and track AAA roadside assistance. Learn more at www.AAA.com/mobile.