Tue. Sep 29th, 2020

Statewide gasoline price average flat week-to-week

SANTA FE (KSMX)- The statewide gas price average in New Mexico is $2.02 for a gallon of regular unleaded fuel, according to the AAA New Mexico Weekend Gas Watch.

That price is the same as this day last week and 49 cents less per gallon than on this day last year. The national average price for a gallon of regular unleaded is $2.17, which is a penny less compared to this day last week and 47 cents less than the price per gallon at this same time last year.

While demand for retail gasoline went up week-to-week around the country, regional supplies also increased, according to the latest data from the Energy Information Administration. Demand is still weak compared to this same time last year. The EIA reports U.S. demand came in at 8.9 million barrels per day while last year’s numbers at this same time were close to 10 million.

“As regional markets readjust to lower than average demand levels, we could expect to see continued pump price fluctuation,” said AAA New Mexico spokesperson Daniel Armbruster. “This is likely due to market forces, such as supply and demand, trying to balance.”

According to gasprices.aaa.com, New Mexico ranks 14th least expensive in the nation for a gallon of regular unleaded on average. Currently, 13 states are paying below $2 a gallon on average.