AAA New Mexico: Record gas prices return in time for the weekend

Albuquerque – The statewide gas price average in New Mexico is $4.51 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.

That price is 19 cents more when compared to this day last week and $1.56 more per gallon than on this day last year.

Of the major metropolitan areas surveyed in New Mexico, drivers in Farmington pay the most on average at $4.73 per gallon, while drivers in Santa Fe are paying the least at $4.43 per gallon. The national average price for a gallon of regular unleaded is $4.71, which is 11 cents more compared to this day last week and $1.67 more than the price per gallon at this same time last year, AAA said in a statement announcing the gas prices.

The  lowest price on GasBuddy in the Observer was $4.490 at Valero, 580 Unser Blvd. SE. on June 3 at 4 p.m.

After a very busy start to the summer driving season, the statewide gas price average hit yet another record high Thursday — mostly driven by the oil market and possibility that supplies may become tighter as COVID lockdowns ease in China and the European Union will phase in a ban of most Russian oil products, AAA said. Keeping a cap on oil prices from skyrocketing further are reports that Saudi Arabia said it is prepared to increase oil production to make up for the loss of Russian oil in the market.

“Price spikes have returned to the pump as the summer driving season has begun,” said AAA New Mexico spokesperson Daniel Armbruster. “The recent increase is due to a rise in crude oil prices, which accounts for about 50 to 60 percent of what we pay at the pump.”

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.

For the lowest gas prices in the Rio Rancho area, check out GasBuddy at The Observer.