(STACKER) – U.S. crude futures fell on Tuesday, March 29, extending losses of nearly 7% on Monday. Fears of a drop in fuel demand after Shanghai’s COVID-19–related lockdown of roughly 26 million people have contributed to falling prices, along with peace talks between Ukraine and Russia.
On Thursday, March 31, members of the Organization of the Petroleum Exporting Countries and allies will meet to discuss a planned production increase of 432,000 barrels per day. The group is expected to modestly increase oil production beginning in May, despite a call for even greater output. The global market will be paying close attention to any positive headlines coming out of the meeting that may signal supply relief, but experts say it is unlikely.
Earlier this month, oil prices plummeted when the United Arab Emirates’ ambassador to Washington said the country, an OPEC member, wanted to increase oil production.
Stacker compiled statistics on gas prices in New Mexico using data from AAA. Gas prices are as of March 29. State gas tax data is from World Population Review. Three states, Connecticut, Georgia, and Maryland, have temporarily suspended gas taxes to help consumers while the cost of gas has increased.
New Mexico by the numbers
– Current price: $4.17
– Week change: +$0.03 (+0.8%)
– Year change: +$1.31 (+46.0%)
– Gas tax: $0.19 per gallon (#45 highest among all states)
– Historical expensive gas price: $4.19 (3/11/22)
Metros with most expensive gas in New Mexico
#4. Albuquerque: $4.08
#3. Santa Fe: $4.17
#2. Las Cruces: $4.23
#1. Farmington: $4.45
States with the most expensive gas
#1. California: $5.92
#2. Nevada: $5.25
#3. Hawaii: $5.15
States with the least expensive gas
#1. Missouri: $3.79
#2. Kansas: $3.80
#3. Oklahoma: $3.81
States with the highest gas tax per gallon
#1. Pennsylvania: $0.59
#2. California: $0.53
#3. Washington: $0.52
States with the lowest gas tax per gallon
#1. Alaska: $0.0895
#2. Hawaii: $0.16
#3. Virginia: $0.162