NEW MEXICO (KRQE) – Gas prices in New Mexico are hitting another record high. According to AAA, the average price for a gallon of regular unleaded gas in New Mexico is $4.51. That’s up 19 cents from Thursday last week and $1.56 more per gallon than June 2, last year.
AAA says drivers in Farmington are paying the most with an average of $4.73 per gallon; and drivers in Santa Fe are paying the least with an average of $4.43 per gallon. They say the national average price per gallon of regular unleaded gas is $4.71. According to gasprices.aaa.com, on average New Mexico ranks 22nd least expensive state for a gallon of regular unleaded gas.
According to AAA this most recent spike in gas prices is due to rising crude oil prices as the oil market supplies may become tighter with with COVID lockdowns easing in China and the European Union ban of most Russian oil products. “The recent increase is due to a rise in crude oil prices, which accounts for about 50 to 60 percent of what we pay at the pump,” AAA New Mexico spokesperson Daniel Armbruster said in a release.