The continued drop in gas price averages around the state has been a welcome sight for drivers — AAA New Mexico spokesperson Daniel Armbruster
Gas prices continue to tumble, with the national average falling below $4.
In New Mexico, the average gas price was $3.75 for a gallon of regular unleaded, according to AAA New Mexico Weekend Gas Watch.
Of the major metropolitan areas surveyed in New Mexico, drivers in Farmington are paying the most on average at $4.53 per gallon, while drivers in Albuquerque are paying the least at $3.54 per gallon. The national average price for a gallon of regular unleaded is $3.99, which is 15 cents less compared to this day last week and 81 cents more than the price per gallon at this same time last year.
Gas Buddy, on the Observer web site, pegged the price in Rio Rancho Aug. 11 at $3.190 a gallon at Speedway, 3601 Pat D’ Arco Highway.
For the eighth consecutive time, the weekly average for the statewide fuel price has fallen, AAA said.
Market analysts attributed the drop once again to falling crude oil prices – sitting below $100 a barrel for nearly three weeks. The cost of crude oil, which makes up 60 percent of a gallon of gas, has edged lower on fears of economic slowdowns around the globe.
“The continued drop in gas price averages around the state has been a welcome sight for drivers,” said AAA New Mexico spokesperson Daniel Armbruster. “However, demand across the country jumped seven percent and regional fuel supplies fell by around three percent, so it’s unclear if this trend will continue.”
According to gasprices.aaa.com, New Mexico ranks 18th 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.