Albuquerque – The statewide gas price average in New Mexico is $3.57 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.
That price is three cents less when compared to this day last week and 46 cents more per gallon than on this day last year, AAA said in a press statement.
Of the major metropolitan areas surveyed in New Mexico, drivers in Farmington are paying the most on average at $3.98 per gallon, while drivers in Albuquerque are paying the least at $3.51 per gallon. The national average price for a gallon of regular unleaded is $3.70, which is five cents less compared to this day last week and 52 cents more than the price per gallon at this same time last year, AAA said.
The New Mexico statewide gas price average fell for the third week in a row as crude oil prices have been fluctuating with differing headlines. Keeping oil prices relatively in check 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 ongoing war in Ukraine. Ultimately, retailers set the price consumers pay at the pump.
“The crosswinds in the oil and gas market remain strong and conflicting,” said AAA New Mexico spokesperson Joshua Zuber. “Overall, the market has been pricing in an economic slowdown in the face of inflation while the energy industry continues to factor in supply worries with the war in Ukraine.”
According to gasprices.aaa.com, New Mexico ranks 23rd 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.