Gas prices down ahead of busy travel holiday

New Mexico travelers this coming holiday weekend will be able to stretch their fuel-pump dollars a bit further than last Thanksgiving.

The statewide average price of gas in New Mexico on Thursday was $3.25 for a gallon of regular unleaded fuel, according to AAA.

That was 10 cents less when compared to the same day last week and 30 cents less per gallon than on the same day last year, according to the AAA New Mexico Weekend Gas Watch. New Mexico’s average gas price was 15 cents less than the national average of $3.40.

Crude oil prices are showing a consistent downward trend, so it is anticipated that gas prices will follow suit, according to AAA. But the approaching Thanksgiving holiday travel season can lead to fluctuations in price. The Energy Information Administration’s most recent data report shows that gasoline supplies continue to build, which would be good news for drivers.

“Cheaper crude oil and growing gasoline supplies are contributing to more affordable retail fuel prices across the state,” said Daniel Armbruster, a spokesperson for AAA New Mexico. “As we approach the bustling Thanksgiving holiday travel period, some price fluctuations may be encountered, but the overarching trend throughout November suggests the possibility of reduced fuel costs.”

Of the metropolitan areas surveyed in New Mexico, drivers in Farmington were paying the most with an average price at $3.90 per gallon. Las Cruces had the cheapest gas at $2.96 per gallon on average.

The price of gas in Albuquerque was $3.10 per gallon. On Friday afternoon, GasBuddy was reporting that the Speedway at 10400 Central SE and AAFES at 8157 Gibson SE had the cheapest gas in the Duke City at $2.65 per gallon.

Nationwide, Texas had the cheapest gas price at an average of $2.86 per gallon. California had the most expensive at $5.11 per gallon, followed by Hawaii at $4.74.