Gas prices drop in New Mexico

Average gas prices in New Mexico dropped 10 cents in the last week, and oil supplies indicate that trend could continue leading up to holiday travel, according to AAA.

The statewide gas price average in New Mexico on Thursday was $3.25 for a gallon of regular unleaded fuel, according to AAA New Mexico Weekend Gas Watch. That’s 15 cents less than the national average of $3.40.

The New Mexico average price is down 10 cents from last week and it is 30 cents less than on the same date last year.

In Albuquerque, the average price was $3.10, which was down 14 cents from last week and 34 cents from last year.

Of the cities surveyed in New Mexico, Farmington was paying the most on average at $3.90 per gallon. Las Cruces had the cheapest gas at $2.96.

Texas had the cheapest average gas price in the country at $2.86 per gallon, followed by Georgia and Mississippi at $2.88 per gallon. California had the most expensive gas at $5.11 per gallon, followed by Hawaii at $4.74.

Crude oil prices are showing a consistent downward trajectory, and it is expected that gas prices could follow suit, according to AAA. But the Thanksgiving holiday travel season can cause price fluctuations.

The Energy Information Administration most recent data indicates that gasoline supplies are continuing to build.

“Cheaper crude oil and growing gasoline supplies are contributing to more affordable retail fuel prices across the state,” said Daniel Armbruster, a spokesman 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.”