Gasoline prices in New Mexico continue to fall, dropping nearly another nickel and in particular, drivers in Las Cruces saw the cost of gasoline tumble by 13 cents per gallon. Albuquerque and Santa Fe saw much smaller declines of four and three cents, respectively.
New Mexico drivers are now paying $3.75 a gallon, that’s six cents higher than the national average of $3.69. Prices in New Mexico have fallen statewide between 30 and 35 cents in 5 weeks, since reaching a peak of $4.08 on July 17th. Still, the price of a gallon of gasoline is 85 cents more today than it was one year ago.
Las Cruces now has the least expensive gas at $3.59 a gallon, 15 cents below the statewide average and 10 cents below the national average. Santa Fe, which has had the most expensive gas in the state this summer, continues to do so, now motorists are paying $3.75 a gallon.
“While crude oil prices this week have been flat or trading slightly upwards on world markets, the price of oil is still substantially below the all-time high of $147 a barrel reached on July 17th and that decline is still being reflected at the gasoline pump. That means consumers have seen prices drop by more than 10 percent in New Mexico and nationally as well,” says AAA-New Mexico Corporate Communications Manager Dan Ronan.
“In New Mexico, the three largest metropolitan areas are seeing gas prices fall steadily; however, in the more rural areas of the state, prices remain noticeably higher than the national and statewide average. It’s Economics 101 and the rule of the marketplace, because there are more gas stations in the cities, they have to be more competitive. Drivers have more choices. In rural areas, where there are fewer stations, there’s less competition and owners can sell gas for a higher price even when prices fall,” Ronan added.