New Mexico Gas Prices Soar as Crude Oil Tops $100 Per Barrel
New Mexico drivers are feeling the pinch of rising oil prices at the pump as gasoline costs continue to climb across the state. According to AAA New Mexico, the statewide average price for a gallon of regular unleaded gasoline has reached $4.31, an increase of 26 cents from last week and $1.19 higher than this time last year.
The highest average gas price is being reported in Farmington at $4.64 per gallon, while Las Cruces has the lowest average at $4.23 per gallon among New Mexico's major metropolitan areas.
Nationally, the average price for regular gasoline stands at $4.27 per gallon, up 13 cents from a week ago and $1.08 higher than a year ago.
The rise in gas prices is being driven largely by climbing crude oil prices, which have surpassed $100 per barrel for the first time since July. Continued volatility in the Strait of Hormuz has contributed to higher energy costs and added pressure on fuel prices.