Crude oil prices climb, driving upward pressure on gas prices

Media Release, AAA New Mexico

The statewide gas price average in New Mexico is $2.96 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is three cents more when compared to this day last week and 24 cents less per gallon when compared to this day last year. Of the major metropolitan areas surveyed in New Mexico, drivers in Farmington are paying the most on average at $3.06 per gallon while drivers in Las Cruces are paying the least at $2.86 per gallon. The national average price for a gallon of regular unleaded is $3.20, which is seven cents more when compared to this day last week and 25 cents less when compared to this day last year.

Crude oil prices have increased by $9 per barrel over the past week, bringing West Texas Intermediate to its highest level since mid-January. Since crude oil is the primary ingredient in gasoline, rising oil prices often lead to higher retail gas prices. The ongoing conflict between Israel and Iran is contributing to uncertainty in global energy markets, which could continue to impact fuel costs. As the geopolitical situation remains fluid, it’s unclear how high—or for how long—oil and gas prices may remain elevated.