(Albuquerque) – The statewide gas price average in New Mexico is $4.67 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.
That price is 10 cents less when compared to this day last week and $1.58 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 $4.97 per gallon, while drivers in Albuquerque are paying the least at $4.60 per gallon. The national average price for a gallon of regular unleaded is $4.86, which is eight cents less compared to this day last week and $1.74 more than the price per gallon at this same time last year.
A drop in the global price of oil helped the national and statewide average for a gallon of gas to fall for a second week. Economic fears of a potential global recession leading to less demand for oil dropped the price to around $107 per barrel, down from $110 last week.
“As millions of Mountain Region residents gear up to enjoy a long Independence Day holiday weekend, they are being greeted by slightly lower gas prices,” said AAA New Mexico spokesperson Daniel Armbruster, in a statement. “To get the best fuel economy while embarking on a road trip, motorists should adhere to safe driving practices such as traveling within posted speed limits, avoiding hard accelerations and use cruise control when appropriate.”