CLOVIS (KSMX)- The statewide gas price average in New Mexico is $2.53 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is three cents less than this day last week and 27 cents less per gallon than this day last year. The national average price for a gallon of regular unleaded is $2.68 which is four cents less compared to this day last week and 19 cents less than the price per gallon on this day last year.
Market analysts attribute the recent price decreases to an increase in regional refinery utilization, growing gasoline supply, and a dip in demand. Historically, gas prices increase in late spring and begin to decline during the month of August as summer driving season starts to wind down.