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AAA Releases Gas Watch

The statewide gas price average in New Mexico is $2.19 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch. That price is the same as last week and 60 cents more per gallon than last year. Of the major metropolitan areas surveyed in New Mexico, drivers in Santa Fe are paying the most on average at $2.17 per gallon while drivers in Albuquerque are paying the least at $2.10 per gallon. The national average price for a gallon of regular unleaded is $2.28 which is two cents more than last week and 58 cents more per gallon than last year. Gas prices have remained relatively steady the past month due to a well-supplied crude oil market. This week the Organization of the Exporting Petroleum Countries (OPEC) released their Monthly Oil Market Report showing that participating countries implemented 90 percent of the agreed upon production cuts, which took effect on January 1, 2017. Despite production cuts by OPEC, the market remains overfed due to increased U.S. drilling and production. “Drivers are now paying about $31 to fill up a typical 14-gallon size fuel tank,” said AAA Texas/AAA New Mexico Representative Doug Shupe. “That price is about $9 more than what drivers were paying for a tank of gas last year at this time.”

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