SOURCE: AAA New Mexico

November 14, 2008 15:31 ET

AAA New Mexico: Weekend Gas Watch

Gas Prices Continue to Plummet

ALBUQUERQUE, NM--(Marketwire - November 14, 2008) - Throughout New Mexico retail prices for a gallon of regular unleaded gasoline continue to fall at a rapid pace, according to AAA New Mexico Weekend Gas Watch.

The current state average is $2.341 a gallon, down more than 16 cents since last week and 30 cents lower than the first of the month. Nationally, the average price for a gallon is $2.152, which is over 96 cents less than this time last year.

"Prices have been falling at a very rapid pace over the past two months, with many state averages now falling below $2 per gallon," said AAA New Mexico spokesperson Dan Ronan. "Nine states have posted average prices below $2 and only two states -- Alaska and Hawaii are still above $3 per gallon."

The most expensive gas in New Mexico is in the Las Cruces area where prices are averaging $2.46. The state's cheapest gas is in Albuquerque at $2.160 a gallon.

"The state average is 76 cents lower than at this time last year," added Ronan. "That could make Thanksgiving travel more affordable for many families."

It was at this time almost one year ago when gas was beginning to climb over $3 per gallon that Americans first began to cut the number of miles they were driving and fuel consumption began to fall.

Average gas prices in Weekend Gas Watch areas as of 2 a.m., November 11, 2008:

                                                              Record High
                   One Week Ago            One Year Ago          Prices
           11/14/08 11/07/08 Difference 11/14/07 Difference   Date    Price
           -------- -------- ---------- -------- ---------- --------- -----
National      2.152    2.314     -0.162    3.112     -0.960 7/17/2008 4.114
New Mexico    2.341    2.508     -0.167    3.137     -0.796 7/17/2008 4.078
Texas         1.984    2.113     -0.129    2.973     -0.989 7/17/2008 3.985
Albuquerque   2.160    2.326     -0.166    3.080     -0.920 7/17/2008 3.987
Las Cruces    2.460    2.595     -0.135    3.073     -0.613 7/15/2008 4.012
Santa Fe Area 2.393    2.550     -0.157    3.154     -0.761  7/7/2008 4.044
Flagstaff     2.640    2.790     -0.150    3.100     -0.460 7/14/2008 4.250
Tucson        2.258    2.413     -0.155    2.907     -0.649 6/20/2008 3.847
Denver        1.978    2.216     -0.238    3.039     -1.061 7/17/2008 4.006
Durango       2.480    2.673     -0.193    3.192     -0.712 7/18/2008 4.221
Las Vegas     2.329    2.506     -0.177    3.089     -0.760 6/21/2008 4.279
Amarillo      1.989    2.142     -0.153    3.134     -1.145 7/16/2008 3.983
El Paso       2.348    2.498     -0.150    3.003     -0.655 7/17/2008 3.967
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