NM gas prices drop 3 pennies

Posted at: 06/20/2013 10:43 AM
By: KOB.com staff

ALBUQUERQUE -- The statewide average for a gallon of regular unleaded gasoline in New Mexico is $3.48, according to the AAA New Mexico Weekend Gas Watch. 

The average in the Land of Enchantment is down three cents from last week and is 12 cents less than the national average which is now $3.60.  Of the major metropolitan areas surveyed in New Mexico, drivers in Santa Fe are paying the most at $3.47 a gallon and drivers in Las Cruces are paying the least at $3.35. 

National gasoline markets in recent months have been driven by regional supply and production issues rather than crude oil prices. Most recently, the national average moved higher as a result of sharp increases in retail prices for a handful of Great Lakes states. The near record high prices in these states were because of low supplies in that region and transportation challenges for wholesale gasoline in the Chicago market, due to refinery maintenance in Illinois and Indiana.

Now, as those regional gasoline production and distribution concerns have eased and retail prices have inched lower nationally, market-watchers have turned a wary eye to escalating geopolitical tensions in Syria. Although Syria is not a major oil production nation, there is the risk that fighting might spread to other countries in the region and this has kept some upward pressure on crude oil prices.

"Currently, drivers in New Mexico are paying about $48 to fill up the typical 14-gallon size fuel tank," said AAA Texas/New Mexico Representative Doug Shupe. "As people plan for summer road trips, we encourage them to make sure their vehicles are maintained according to manufacturer recommendations to maximize their fuel efficiency and ensure they get to their summer destinations safely."