New Mexico gas prices drop amid falling crude oil costs, economic uncertainty
Apr. 10—New Mexico gas prices dropped eight cents this week, which comes with the decline of crude oil prices in the wake of economic uncertainty at the federal level.
AAA New Mexico Weekend Gas Watch reported Thursday the statewide average price for a gallon of unleaded fuel was $2.99. In Albuquerque, the state's largest city, gas is averaging $3.01, a decrease from $3.11 a week ago.
Santa Fe-area residents are paying the cheapest amount for gas, as a gallon of fuel is averaging $2.90, according to AAA, a 17-cent drop from the week prior. Farmington residents are paying the most; a gallon of gas in that area of the state is averaging $3.07. Las Crucens are paying $2.93.
AAA spokesperson Daniel Armbruster noted in a news release that the price of fuel is dropping during a time of year when it typically goes up. He said "supply and demand" is the main reason for the dip, adding that OPEC+ announced it's increasing oil production in May by more than 400,000 barrels a day.
"Crude oil prices have dipped below $60 per barrel for the first time since February 2021, putting downward pressure on retail gas prices," Armbruster said in a statement. "Because crude oil accounts for about half the cost of a gallon of gasoline, this decline is a key factor driving lower prices at the pump."
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