Gas prices drop with holiday weekend around the corner
While price fluctuations remain possible, gas price looks to drop with the holiday weekend approaching.
Press Release, AAA New Mexico:
The statewide gas price average in New Mexico is $3.83 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is eight cents more when compared to this day last week and 14 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 $3.97 per gallon while drivers in Las Cruces are paying the least at $3.80 per gallon. The national average price for a gallon of regular unleaded is $3.87, which is four cents more when compared to this day last week and seven cents less than the price per gallon at this same time last year.
The downward trajectory in gas prices can be attributed in part to the recent dip in the price of crude oil, the primary component in gasoline production. Specifically, the West Texas Intermediate has experienced a decline of $3 per barrel in comparison to the preceding week. Should this trend persist, it could spell favorable news for individuals embarking on road trips during the upcoming Labor Day weekend.
The ongoing hurricane season remains a significant variable that could potentially disrupt the current trajectory of gas price averages. If tropical storms were to impact oil and gas operations along the Gulf Coast, a brief but notable spike in pump prices could occur.
Gas price averages in most areas of the state have dipped slightly since last week,” said Daniel Armbruster, AAA New Mexico spokesperson. “Labor Day is around the corner and more people are expected to travel compared to last year. AAA Travel bookings are four percent higher compared to Labor Day 2022. If there’s a large bump in demand, that could cause price fluctuations at the pump as the holiday weekend nears.”
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.
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