New Mexico drivers will pay an average of $3.36 per gallon of regular gasoline this month versus $3.28 last year. This is a 2.3 percent increase equaling $0.08 per gallon.
Of the four New Mexico metropolitan areas analyzed, drivers in Albuquerque faced the largest price hike at the pump in the last year of $9.63. Farmington was spared the worst pain, with the price of gas rising -$0.40 from February 2022 to February 2023.
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 would fall throughout 2022. This was incorrect, though the Administration made the same forecast for 2023.
New Mexico drivers average 1,596.4 miles and use 66 gallons of gasoline per month, according to the FHA.
| Market | 2023 | 2022 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Albuquerque | $3.34 | $3.19 | $0.15 | 4.6% | $9.63 |
| Santa Fe | $3.27 | $3.22 | $0.05 | 1.6% | $3.50 |
| Las Cruces | $3.34 | $3.34 | $0.01 | 0.2% | $0.53 |
| Farmington | $3.55 | $3.56 | -$0.01 | -0.2% | -$0.40 |
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