Albuquerque  – The statewide gas price average in New Mexico is $4.07 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.

That price is 19 cents less when compared to this day last week and $0.98 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 $4.79 per gallon while drivers in Albuquerque are paying the least at $3.87 per gallon. The national average price for a gallon of regular unleaded is $4.28, which is 16 cents less compared to this day last week and $1.12 more than the price per gallon at this same time last year.

The average for Sandoval County was $3.863, according to AAA.

The oil and gasoline markets continue to weigh the potential of an economic slowdown against strong demand for fuel products and supply volatility with the ongoing war in Ukraine.

Crude oil prices remain sensitive to headlines and July is still a leading month for travel. It is unclear how long downward pressure will remain on the price at the pump with all of these market forces at play.

“With crude oil prices steadily below $100 a barrel in recent days, coupled with what appears to be a healthy supply of regional gasoline product, could be leading factors as to why prices are falling at the pump,” said AAA New Mexico spokesperson Joshua Zuber. “Last minute road trips may increase gasoline demand as we wrap up the summer driving season with gas price averages dropping almost daily. But, how long this downward trend continues remains to be seen.”