New Mexico gas prices continue to drop after hitting all-time high
ALBUQUERQUE, N.M. – Gas prices are dropping since hitting an all-time high earlier in the summer. But prices aren’t falling as fast in the Four Corners as they are in others parts of the state.
The national average is now $3.78 per gallon for regular unleaded – that’s down from the record high of $5.01 in June.
New Mexico is averaging around $3.63 per gallon.
“Thank God they’re not at $5 a gallon,” said Travis Garcia, driver.
According to AAA, the demand for gas increased last week, but the price for crude oil is going down — leading to the drop in gas prices.
CNBC reports West Texas Intermediate (WTI) crude is selling for just under $89 per barrel right now. It was selling for about $122 per barrel in June when gas prices hit a high point.
“It was definitely pretty bad over the summer, definitely made me want to ride my bike a bit more,” said Abraham Ramirez, driver.
In Albuquerque, drivers are paying around $3.56 per gallon. Las Cruces drivers are averaging $3.62 per gallon. But prices in Farmington remain elevated, coming in at $4.07 per gallon.
Last month, the New Mexico Attorney General’s Office launched an investigation into Farmington’s gas prices.
“I was contacted by the mayor of Farmington who was really concerned by the disparity in prices,” said New Mexico Attorney General Hector Balderas.
Balderas says a consumer protection investigation is underway and that the retailers under investigation have been responsive.
“If there are legitimate expenses, their justification for why the prices go up and down that’s fair. But if there are market manipulations or these are unjustifiable, then there could be a consumer protection violation,” Balderas said.
Balderas says his office is still looking at their next steps.
“And I’ll be providing more of an update to the general public really in the coming days,” said Balderas.