Gas prices under $2 likely short-lived

February 20, 2019

Except for a few remaining service stations at $1.97 per gallon, Santa Fe’s few weeks with gasoline prices less than $2 per gallon likely are over for now.

The AAA New Mexico Weekend Gas Watch last week calculated a $2.06 average gas price in Santa Fe. Most gas prices in Santa Fe were at $2.05.

Earlier in February, drivers could find gas for $1.95 to $1.99 a gallon in Santa Fe, though the AAA weekly reports only dropped to a $2 average.

“It’s not likely we will see gas prices under $2 a gallon [in the coming weeks or months],” AAA Texas/New Mexico spokesman Daniel Armbruster said. “I would suspect we are entering a time of year where gas prices tend to go up.”

He said the end of February and early March is a period where refineries do maintenance with lower fuel production and also convert to summer fuel blends, both of which tend to drive up fuel prices. Frigid weather across the country dropped the demand for fuel enough to cause New Mexico prices to edge higher in the past week, Armbruster said.

Santa Fe had the cheapest Valentine’s Day fuel in New Mexico. The statewide average was $2.11, 17 cents lower than the national average.

Albuquerque and Las Cruces clocked in at $2.07 and Farmington at $2.33. New Mexico was a few cents higher than Texas at $1.98 and Colorado at $2.03, but substantially lower than Nevada at $2.85 and Arizona at $2.44, according to AAA.

Santa Fe gasoline prices have dropped 30 cents from a year ago, and New Mexico overall is 26 cents cheaper.