The price for a gallon of gas in New Mexico is falling after the White House said that the Strategic Petroleum Reserve would continue to release oil.
The statewide gas price average in New Mexico is $3.71 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 44 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 $3.96 per gallon while drivers in Albuquerque are paying the least at $3.63 per gallon. The national average price for a gallon of regular unleaded is $3.84, which is seven cents less when compared to this day last week and 48 cents more than the price per gallon at this same time last year.
It was just a couple of weeks ago that OPEC+ announced it would cut production by two million barrels per day in the hopes that move will prop up crude oil prices. This week, the White House said that the Strategic Petroleum Reserve would continue to release barrels of oil. The exact pricing impact of the announcement remains uncertain, but it could keep fuel prices from increasing again in the near-term. Since the 15 million barrels are part of an earlier planned Strategic Petroleum Reserve release from March, the market would likely have already factored in the impact on crude oil prices.
“Supply and demand market dynamics continue to keep retail gas prices elevated, but lower than earlier in the year,” said AAA New Mexico spokesperson Daniel Armbruster. “Given that the market remains highly volatile and supply remains tight, the release of crude oil from the Strategic Petroleum Reserve could help to cap crude oil price increases and keep pump prices trending downward.”
According to gasprices.aaa.com, New Mexico ranks 30th 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.