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State, local gas prices drop this week
Motorists line up for gas at the Sam’s Club in Santa Fe in early July. Santa Fe has the lowest gas price average in New Mexico currently.
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Gas prices dropped across the state this week, the largest decrease coming in Albuquerque.
That’s according to AAA New Mexico Weekend Gas Watch, which said a gallon of gas in the city averaged $3.17 on Thursday — an eight-cent decrease from a week ago. The statewide average is $3.22, a three-cent drop. And the Santa Fe area has the lowest average at $3.06, just a one-cent decrease.
AAA spokesman Doug Shupe in a news release, citing data from the federal Energy Information Administration, said gas demand rose “unexpectedly” from 8.78 million barrels per day to 9.45 million barrels per day a week ago. He said total domestic gasoline stocks fell from 233 million barrels to 227.4 million barrels, and gasoline production rose last week to 10.2 million barrels per day.
“Higher gasoline demand but lower oil costs may keep pump prices relatively stable for now,” Shupe said in the news release.
Across the country, though, the average increased by two cents from last week to $3.52. Californians are paying the most at $4.65, and Mississippians are paying the least at $2.99, according to AAA’s website.
In New Mexico, Shupe said, gas prices this week are down double digits from the same time last year. Albuquerque, for instance, was seeing an average of $3.56 per gallon a year ago, with prices this week coming in at a 39-cent decrease. Santa Fe’s average this week is down 34 cents year over year.
“That means drivers who will be taking end-of-summer road trips will pay less to fill up for those trips than they did last year at this time,” Shupe said.
