Gas Prices Expected To Fall and Stay Low

Above, filling up at the Jamestown Flying J. Photo by Armand Vaquer.

Gasoline prices in New Mexico are dropping and are expected to stay low through summer. At least that's what the AAA is saying.

According to the Rio Rancho Observer:

Commuters and vacationers can breathe a sigh of relief at the gas pump knowing gas prices appear to be dropping as the summer travel season kicks in, according to a report from AAA.

“New Mexicans are paying less for gasoline so far this summer when compared to last year,” Daniel Armbruster, AAA New Mexico spokesman, said in a news release. “Supply builds of crude oil and gasoline are helping to keep retail fuel prices in check as many hit the road for summer vacations.”

Although oil supplies are the main catalyst for price drops, there are other reasons pump prices are slowly creeping down.

AAA spokesman Andrew Gross told the Associated Press that demand for gas is declining. “Traditionally — pre-pandemic — after Memorial Day, demand would start to pick up in the summertime. And we just don’t see it anymore.”

The rise in popularity of electric vehicles and other fuel-efficient vehicles is also credited as a reason for declining demand.

The average price for a gallon of regular unleaded gas in New Mexico on Thursday was $3.20, 4 cents less than a week before and 23 cents less than on June 13, 2023, according to AAA. 

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