$100 Crude Oil Prices Send Gas Prices Soaring in New Mexico

The statewide gas price average in New Mexico is $4.31 for a gallon of regular unleaded fuel, according to AAA New Mexico on Thursday.

This price is 26 cents more than last week and $1.19 more per gallon compared to this day last year.

Crude oil has returned to the $100 per barrel range, amid continued volatility in the Strait of Hormuz, putting additional pressure on gasoline prices at a time when pump prices would typically begin easing as summer travel demand declines.

'Drivers are seeing a noticeable increase at the pump as higher crude oil prices work their way into the retail gasoline market,' said Daniel Armbruster, AAA New Mexico spokesperson.