A gallon of gas in New Mexico is averaging under $3 for the first time in nearly a year.
According to AAA New Mexico Weekend Gas Watch, the statewide average for a gallon of unleaded fuel is $2.99 this week. That is ten cents less than last week when the average was $3.09 — and it is 18 cents less than this time last year. The last time gas prices statewide averaged under $3 was on December 27, 2022.
In Albuquerque, a gallon of fuel is averaging $2.85, about a 12-cent drop from a week ago. AAA says the main reason for the lower prices this week is because there has been a $20 per barrel decrease in crude oil prices since the end of September. Additionally, data from the Energy Information Administration shows fuel supplies are healthy.
“Gas prices are currently at their lowest point in almost a year,” AAA spokesman Daniel Armbruster said. “Lower crude oil prices are anticipated to translate into continued relief for consumers at the gas pump throughout December.”
Gas prices in cities and towns across the state are almost all entirely averaging under $3, too, with the exception of Farmington, which is averaging $3.77 for a gallon of fuel. The Santa Fe area is averaging $2.88 this week, a drop off of five cents from a week ago. Las Cruces is averaging $2.82 per gallon.
Nationwide, a gallon of fuel is averaging $3.20 this week. The state with the lowest price for gas is Texas at $2.68 on average. And the state with the highest price for gas is California at $4.74 per gallon on average.