SOURCE: AAA New Mexico

October 17, 2008 13:57 ET

AAA New Mexico: Weekend Gas Watch

Gas Prices Fall Rapidly

ALBUQUERQUE, NM--(Marketwire - October 17, 2008) - Retail gasoline prices throughout New Mexico fell by more than 30 cents since last week, according to AAA New Mexico Weekend Gas Watch.

The current state average is $3.089 a gallon for regular unleaded, down more than 24 cents since last week. Nationally, the average price for a gallon is $3.040, which is almost 25 cents more than this time last year.

"Prices have been in a freefall nationwide over the past week, with all state averages dropping below $4 and nearly half of all states posting averages less than $3," said AAA-New Mexico spokesperson Sarah Schimmer. "Alaska has the most expensive fuel in the nation at $3.96 a gallon, and Oklahoma has the least expensive at $2.62."

The most expensive gas in New Mexico is in the Las Cruces Area where prices are $3.15. The state's cheapest gas is in Albuquerque at $2.87 a gallon.

"Part of the decrease is definitely tied to the nation's economic turmoil of the last month, and part of this dramatic drop is a continued rollback in the price of crude oil," said Schimmer.

                                                               Record High
                   One Week Ago            One Year Ago          Prices
           10/17/08 10/10/08 Difference 10/17/07 Difference   Date    Price
           -------- -------- ---------- -------- --------- ---------- -----
National      3.040    3.350    - 0.310    2.795   + 0.245  7/17/2008 4.114
New Mexico    3.089    3.335    - 0.246    2.894   + 0.195  7/17/2008 4.078
Texas         2.847    3.223    - 0.376    2.676   + 0.171  7/17/2008 3.985
Albuquerque   2.874    3.129    - 0.255    2.806   + 0.068  7/17/2008 3.987
Las Cruces    3.151    3.378    - 0.227    2.840   + 0.311  7/15/2008 4.012
Santa Fe Area 3.104    3.327    - 0.223    2.896   + 0.208   7/7/2008 4.044
Flagstaff     3.266    3.472    - 0.206    2.865   + 0.401  7/14/2008 4.250
Tucson        3.012    3.209    - 0.197    2.655   + 0.357  6/20/2008 3.847
Denver        3.051    3.322    - 0.271    2.722   + 0.329  7/17/2008 4.006
Durango       3.353    3.528    - 0.175    2.957   + 0.396  7/18/2008 4.221
Las Vegas     3.220    3.358    - 0.138    2.838   + 0.382  6/21/2008 4.279
Amarillo      2.698    3.013    - 0.315    2.774   - 0.076  7/16/2008 3.983
El Paso       3.169    3.445    - 0.276    2.752   + 0.417  7/17/2008 3.967

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