The average price of regular unleaded gasoline in Santa Fe rose by 13 cents last week, reaching $3.95 per gallon on Thursday, according to the AAA New Mexico Weekend Gas Watch. This increase in gas prices is a result of the ongoing climb in crude oil prices and the high demand for gasoline in New Mexico.
Gas prices have been steadily increasing since mid-July, and it is anticipated that prices in Santa Fe will surpass the $4 per gallon mark for the first time since July 28, 2022. This is a significant increase considering the usual trend of gas prices decreasing in September due to reduced demand. However, the continuous rise in crude oil prices is likely preventing the expected decline in retail fuel prices.
AAA New Mexico spokesman Daniel Armbruster expressed concerns over the rising gas prices, stating that the increased demand for gasoline across New Mexico is a contributing factor. Despite the usual decrease in demand during September, the current market conditions have driven prices up instead.
Crude oil prices have been climbing steadily, putting pressure on the cost of gasoline. As a result, consumers in Santa Fe are experiencing the impact of higher prices at the pump. It remains to be seen whether this upward trend will continue or if there will be a reversal in the coming weeks.
In conclusion, gas prices in Santa Fe have been on the rise due to the increasing cost of crude oil and the high demand for gasoline in New Mexico. It is expected that prices will surpass $4 per gallon, breaking the previous trend of decreasing prices in September. As the market conditions continue to evolve, consumers should be prepared for potential fluctuations in gas prices.
Sources:
– AAA New Mexico Weekend Gas Watch.