(STACKER) – The national average price for a gallon of regular gasoline this week is down seven cents. The drop follows President Biden’s March 31 announcement that the country’s strategic petroleum reserve would release 1 million barrels of oil a day for six months.
Stacker compiled statistics on gas prices in Santa Fe, NM metro area using data from AAA. Gas prices are current as of April 7. State gas tax data is from World Population Review. Three states—Connecticut, Georgia, and Maryland—have temporarily suspended gas taxes to defray costs for consumers while prices are up.
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The International Energy Agency, comprised of 31 member countries from around the world including the United States, confirmed on April 7 that it will release 120 million barrels from its emergency oil reserves. Half of that will come from American stockpiles. Following the announcement, Brent crude futures—the global benchmark for crude oil—dropped by more than 5%.
Amid the continued Russia-Ukraine war, the IEA estimates that Russia could face oil export cuts of roughly 3 million barrels per day starting in April due to sanctions and buyer aversion. The European Union has been reluctant to impose sanctions on Russia’s energy sector to date because of its dependency on the country’s oil and natural gas. Europe in 2021 imported roughly 45% of its natural gas and 34% of its crude oil from Russia.
Pressure for harsher sanctions is mounting in the face of possible war crimes committed by Russia in Ukraine. The EU on April 5 proposed banning Russian coal as part of a new round of sanctions, dipping into the energy sector.
Santa Fe by the numbers
– Current price: $4.04
— New Mexico average: $4.10
— New Mexico gas tax: $0.19 per gallon (#45 highest among all states)
– Week change: -$0.07 (-1.7%)
– Year change: +$1.19 (+41.7%)
– Historical expensive gas price: $4.17 (3/29/22)
Metros with the most expensive gas
#1. San Luis Obispo-Atascadero-Paso Robles, CA: $5.98
#2. Napa, CA: $5.92
#3. Ventura, CA: $5.92
Metros with the least expensive gas
#1. Lawton, OK: $3.48
#2. Joplin, MO: $3.51
#3. Amarillo, TX: $3.52
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