New Mexico gas prices continue to drop for fifth week
ALBUQUERQUE, N.M. — Gas prices in New Mexico are down for the fifth consecutive week.
Currently, the average price of gas is around $3.51/gallon. At this time last year, it was $3.73.
According to AAA New Mexico, the state typically sees a dip in prices this time of year because supply increases while demand goes down. That may change, though.
“We’ve seen Iran call for an oil embargo on Israel,” said Daniel Armbruster with AAA. “Of course, you know, anything that impacts the crude oil market could have a negative impact. When we see these shifts in the crude oil market, like what happened after Russia, when they invaded Ukraine, we saw crude oil prices go up to $100 a barrel. We haven’t seen that yet.”
Right now, a barrel of oil is at about $89. Armbruster says about 50% of a gallon of gas is crude oil, so, if those prices go up, you’ll be paying more at the pump.
“That’s the big question right now, there’s that chance, but right now, because the situation is contained right there to Israel/Palestine, it hasn’t spread,” Armbruster said. “So therefore we’re not seeing an increase in gas prices at this point.”
Armbruster says you can save some gas by avoiding hard accelerations, driving the speed limit, using cruise control when it’s safe, and lightening your load – maximizing your fuel efficiency.