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ALBUQUERQUE, NM, Oct 10, 2008 (MARKET WIRE via COMTEX) — Retail gasoline prices throughout New Mexico fell by more than 20 cents since last week, according to AAA New Mexico Weekend Gas Watch.
In New Mexico, the current average is $3.335 a gallon for regular unleaded gasoline. Nationally, the average price for a gallon is $3.350, which is almost 60 cents more than this time last year.
“Fuel demand in both the U.S. and Europe is lower than last year. The current economic situation is driving down the price of crude oil, and Gulf refineries are just about back to their normal levels for production and delivery, after Hurricane Ike,” says AAA New Mexico spokesman Dan Ronan. “With lower demand, and more fuel in the market, New Mexico prices are decreasing.”
The most expensive gas is in the Las Cruces area where prices are $3.37. Still, that’s a decrease of 15 cents since last week. The state’s cheapest gas is in Albuquerque at $3.12 a gallon after dropping a whopping 25 cents since last week.
Light sweet crude oil reached a record price of $147 on July 17, 2008. Oil is currently trading between $77 and $82, down nearly 40% since July and at a 13-month low. Gas reached a national peak average of $4.11 on July 17, and is still 59 cents above prices this time last year.