AAA New Mexico: Gas prices down 25% from record-summer highs, continue to decline

• Retail gas prices are expected to continue to decline as the price of crude oil decreases

 (Albuquerque) – The statewide gas price average in New Mexico is $3.60 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.

That price is nine cents less when compared to this day last week and 48 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 $4.02 per gallon , while drivers in Albuquerque and Santa Fe are paying the least at $3.53 per gallon. The national average price for a gallon of regular unleaded is $3.75, which is eight cents less compared to this day last week and 57 cents more than the price per gallon at this same time last year.

The New Mexico statewide gas price average is down 25 percent from the record high of $4.83 set on June 15. Crude oil prices have fallen $15 per barrel since the end of August and have remained below $90 per barrel. West Texas Intermediate crude reached a high of $121 in mid-June and at the time of this release is trading at $82. With crude oil making up approximately 50 to 60 percent of the cost of a gallon of gas, retail fuel prices will likely continue to decrease in the near future. However, fluctuations remain possible due to uncertainty surrounding Russia’s war against Ukraine.

“New Mexico’s statewide gas price average is down 25 percent from June’s record high of $4.83,” said AAA New Mexico spokesperson Daniel Armbruster. “Retail gas prices are expected to continue to decline as the price of crude oil decreases. However, fluctuations remain possible as markets are sensitive to geopolitical events such as the war in Ukraine.”

According to gasprices.aaa.com, New Mexico ranks 22^nd 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.