Dec. 16 – Gasoline prices remained on a downward trajectory in most of New Mexico last week, falling to an average price of $2.74 per gallon statewide, according to AAA New Mexico Weekend Gas Watch report December 12.
That marked a decline of 3 cents from last week’s figure for a gallon of regular unleaded gas and 18 cents cheaper than at the same point in 2023.
Drivers in Santa Fe pay the least for gasoline among the state’s four metropolitan statistical areas, with an average price of $2.68 per gallon, compared to $2.75 a week ago and $2.84 a year ago. Fuel is most expensive in the Farmington area, at an average of $2.97 per gallon – an increase of 4 cents from last week, according to the survey.
The average price nationally is $3.03 per gallon, unchanged from last week. The national price a year ago was $3.14 per gallon.
There are some indications that the downward trend could be coming to an end as Christmas and New Year approach. Nationally, a record number of holiday travelers are expected this year, with nearly 120 million Americans expected to leave their homes, according to AAA. That number is slightly more than the record number of people who traveled in 2019.
“Gasoline prices are declining for now,” Daniel Armbruster, a spokesperson for AAA New Mexico, said in the news release. “Price fluctuations are possible through the remainder of 2024 as record levels of holiday travel at the end of the year are likely to put pressure on fuel demand in the coming days.”
It is expected that this increase in national traffic will be reflected locally. AAA New Mexico officials have predicted that 8.7 million people in the mountain region will travel 50 miles or more from home during the holidays. Total travel volume for the region is expected to be 2.8% higher than last year, although that figure is 3.5% lower than in 2019.
