Gas prices spike as Iranian conflict continues
Media Release, AAA New Mexico
Albuquerque, NM – The statewide gas price average in New Mexico is $3.08 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is 28 cents more when compared to this day last week and 10 cents more 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 $3.18 per gallon while drivers in Las Cruces are paying the least at $3.11 per gallon. The national average price for a gallon of regular unleaded is $3.25, which is 27 cents more when compared to this day last week and 14 cents more when compared to this day last year.
Gas prices are climbing across the United States as crude oil prices rise and global tensions add pressure to energy markets. Prices had already been trending slightly higher in recent weeks, but escalating conflict involving Iran has accelerated that increase. Iran plays a significant role in the global crude oil market, and crude oil is the primary ingredient in gasoline.
At the same time, seasonal factors are also contributing to the uptick, including anticipated higher fuel demand as spring approaches and the ongoing transition to more expensive summer-blend gasoline. It’s still unclear how long this upward trend may last or how high prices could climb, as much will depend on how global events unfold and how energy markets respond in the coming weeks.
“Drivers are beginning to see gas prices move higher, and there are a few factors behind the increase,” said Daniel Armbruster, spokesperson for AAA New Mexico. “Crude oil prices are rising amid geopolitical tensions overseas, and that’s putting upward pressure on gas prices. At the same time, we’re entering the time of year when refineries switch to summer-blend gasoline and demand begins to increase as more people take spring road trips.”
AAA Fuel Saving Tips:
- Drive smoothly and avoid aggressive driving. Rapid acceleration and hard braking can significantly reduce fuel economy.
- Slow down and follow the speed limit. Fuel efficiency typically drops quickly at speeds above 50 mph.
- Keep your tires properly inflated. Underinflated tires create more resistance and reduce fuel efficiency.
- Remove unnecessary weight from your vehicle. Extra cargo makes your engine work harder and lowers fuel economy.
- Use the AAA mobile app to find cheaper gas. The app helps drivers locate the lowest gas prices nearby, which can help save money at the pump.
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.
