New Mexico Diesel Hits Record High
Diesel prices in New Mexico reached a new all-time high of $6.34 per gallon on Thursday. Gasoline prices also rose, defying the typical seasonal decline expected after the summer travel peak.
The statewide average for diesel fuel in New Mexico climbed to $6.34 per gallon on Thursday. This figure marks a new all-time high for the state. Regular unleaded gasoline averaged $4.47 per gallon over the same period. That price is 16 cents higher than the average recorded one week ago. It stands $1.39 above the level seen on this day last year.
Drivers in Farmington face the highest average cost at $4.96 per gallon. Las Cruces residents pay the least at $4.42 per gallon. The national average for regular unleaded is $4.44. This national figure is also up 16 cents from last week. It is $1.24 higher than the price recorded in September of last year.
Crude Oil Drives Price Increases
Crude oil prices remain near $100 per barrel. Volatility in the Strait of Hormuz continues to affect global supply. Disruptions in this key shipping route raise concerns about oil availability. Shipping costs increase when these routes face threats. These factors add pressure to crude prices. GN auto markets/energy: gasoline prices data confirms this trend.
Crude oil is the largest component of retail gasoline costs. Higher crude prices move through refineries to the pump. Current gasoline levels match those seen in spring. Diesel prices have reached record territory. The combination of high crude and distribution costs drives these increases.
Unusual Seasonal Pricing Trend
Gasoline prices typically fall as summer travel demand eases. New Mexico drivers are seeing prices move higher instead. Daniel Armbruster of AAA New Mexico noted this unusual trend. He stated that persistently high crude oil prices push costs up. This counter-seasonal movement is significant for the state. If prices do not retreat soon, a record may be set.
Historical Context And Forecasts
New Mexico could record its most expensive September average. Current prices remain below the all-time record of $4.83. That record was set in June 2022. Diesel drivers are currently paying the highest rates in history. The state's diesel average hit its peak on Thursday. The outlook depends on crude oil stability. Relief in oil prices is needed to lower pump costs.
