Sat. Jul 20th, 2024

Statewide Gas Price Average Up from Last Week as Crude Oil Prices Increase

New Mexico ranks 23rd least expensive in the nation for a gallon of regular unleaded on average.

Media Release, AAA New Mexico:

The statewide gas price average in New Mexico is $3.60 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is 14 cents more when compared to this day last week and 50 cents less 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 $3.95 per gallon while drivers in Santa Fe are paying the least at $3.43 per gallon. The national average price for a gallon of regular unleaded is $3.71, which is 13 cents more when compared to this day last week and 59 cents less than the price per gallon at this same time last year.

Most New Mexico metropolitan areas saw healthy gas price average increases week-over-week. Gasoline inventories have decreased as demand for gas remains strong during a busy summer travel season and excessive heat has caused refineries to pull back production. In addition, Saudi Arabia’s recent reduction in output is causing crude oil prices to rise. West Texas Intermediate is now $80 per barrel, at the time of this release, which is about $13 more compared to the start of June. Crude oil accounts for approximately 50 percent of the cost of each gallon of gas. If crude prices continue to increase, retail gas prices will likely follow suit.

“Increasing crude oil prices, decreasing gasoline inventories and strong demand for fuel thanks to a busy summer travel season are forcing retail gas prices even higher,” said AAA New Mexico spokesperson Daniel Armbruster. “Price averages are still well below where they were last summer, however if crude oil prices continue to increase, we will see the year-over-year price gap narrow even further.”

According to gasprices.aaa.com, New Mexico ranks 23rd 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. 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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