Albuquerque – The statewide gas price average in New Mexico is $3.69 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.
That price is eight cents less when compared to this day last week and 61 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 $4.11 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 $3.83, which is five cents less compared to this day last week and 66 cents more than the price per gallon at this same time last year.
The New Mexico statewide gas price average fell as the price of crude is impacted by competing headlines. Putting downward pressure on the cost of oil and gas are continued concerns for an economic slowdown in the face of inflation and rising interest rates.
On the other hand, energy prices remain elevated with the war in Ukraine still ongoing. Market watchers will also have their eyes on the Atlantic and the Gulf with hurricane activity becoming recently more active. Prices at the pump may also fluctuate as the latest travel survey out from AAA New Mexico shows many Americans plan to take a trip to enjoy the last, long weekend of the summer driving season.
“The price of crude oil has been volatile with so many headlines conflicting on which direction the commodity could go,” said AAA New Mexico spokesperson Daniel Armbruster. “Ultimately, for the time being, the market for oil and gas is going to continue to be sensitive to any supply or demand news with the ongoing war in Ukraine.”
According to gasprices.aaa.com, New Mexico ranks 21st 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.