(Albuquerque) – While gas prices in New Mexico continue to fall, there has been a distinct slowdown in the pace of the decline.
In Rio Rancho, the Observer’s Gasbuddy (rrobserver.com) as of 2:40 on Thursday showed a low of $3.17 at Speedway, 3601 Pat D’Arco Hwy.
Warrior Fuel II on U.S. 550 had the price at $3.16 a gallon.
According to AAA New Mexico weekend Gas Watch, the statewide gas price average in New Mexico is $3.67 for a gallon of regular unleaded fuel. That’s eight cents less when compared to this day last week and 59 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 $4.39 per gallon, while drivers in Albuquerque are paying the least at $3.45 per gallon. The national average price for a gallon of regular unleaded is $3.93, which is six cents less compared to this day last week and 75 cents more than the price per gallon at this same time last year.
For the ninth consecutive week, the New Mexico statewide gas price average has fallen, AAA said. However, the downward pace seems to be slowing as demand increased week-to-week and regional supplies dropped. Retail pump prices have also been falling as crude oil continues to stay below the $100 a barrel mark for nearly a month. The cost of oil has edged lower on fears of economic slowdowns around the globe.
“With demand for gasoline increasing week-to-week, the price at the pump, while dropping, may not continue to fall as quickly,” said AAA New Mexico spokesperson Daniel Armbruster in the report. “Falling pump prices may prompt motorists to consider one last road trip before the end of the summer driving season.”
According to gasprices.aaa.com, New Mexico is 16th 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. Aug. 18. 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.