New Mexico drivers will pay an average of $3.64 per gallon of regular gasoline this month versus $3.12 last year. This is a 16.7 percent increase equaling $0.52 per gallon.
Of the four New Mexico metropolitan areas analyzed, drivers in Farmington faced the largest price hike at the pump in the last year of $38.39. Las Cruces was spared the worst pain, with the price of gas rising $28.43 from October 2021 to October 2022.
Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.
The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.
A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.
New Mexico drivers average 1,596.4 miles and use 66 gallons of gasoline per month, according to the FHA.
| Market | 2022 | 2021 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Farmington | $3.97 | $3.38 | $0.58 | 17.2% | $38.39 |
| Santa Fe | $3.68 | $3.16 | $0.52 | 16.3% | $33.97 |
| Albuquerque | $3.59 | $3.08 | $0.51 | 16.6% | $33.71 |
| Las Cruces | $3.54 | $3.11 | $0.43 | 13.9% | $28.43 |
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