Dec. 23—As expected, the recent decline in gasoline prices across New Mexico and the rest of the nation came to a halt last week with Christmas approaching and demand increasing.
Drivers were paying $2.86 a gallon for regular unleaded fuel on Dec. 19 in the state, according to the weekly survey of gas prices by AAA New Mexico. That represented a price increase of 12 cents from the previous week, although it was 6 cents a gallon less to the same time last year.
Santa Fe still had the lowest fuel prices among the state’s four major metropolitan areas at $2.81 a gallon for regular unleaded — 13 cents a gallon more than last week. The Farmington market again had the highest prices in the state at $2.96 a gallon, although that price was a 1-cent decline from a week ago.
The national average for a gallon of fuel on Dec. 19 was $3.04, up a bit from last week’s average of $3.03. The average price a year ago across the country was $3.08.
Prices could climb even higher with Christmas and New Year’s Day looming, according to AAA New Mexico spokesperson Daniel Armbruster.
“With record-breaking holiday travel volumes projected, the increased demand for fuel is likely to result in higher prices in the coming days,” he said.
AAA New Mexico has projected that 8.7 million Mountain region residents will travel 50 miles or more during the holiday period this year, which started Dec. 21 and continues through Jan. 1. An estimated 90% of them will make their journey by automobile.
Travel volume in the region is expected to be 2.8% higher than last year, according to AAA, although it is anticipated to be 3.5% lower than in 2019.
Nationally, more than 119 million people are expected to travel this year for the holidays, a figure that exceeds the record set in 2019.