With a world glut of oil, the commodity has been trading between $87-$92/ barrell. Somebody check my memory. At $87/barrell under the Bush administration, weren't we paying $2.87/gallon? Guess I could look this up myself, but I thought one of us would remember! At any rate, I guess the oil companies & federal government are telling us to be happy with $3.30/gallon, cause next year it's gonna go up!

The statewide average for a gallon of regular unleaded decreased 3 cents this week to $3.08, according to the AAA New Mexico Weekend Gas Watch.

Among the major metropolitan areas of the state, motorists in Santa Fe are paying the most at $3.04 and drivers in Albuquerque are paying the least at $3.00. The national average is $3.26.

Analysts say whether retail gas prices rise or fall will be determined in part by “fiscal cliff” solutions in Washington, D.C. If a deal is not reached, markets are likely to slump and gas prices could go down.

Average gas prices:

  • National $3.26
  • New Mexico $3.08
  • Albuquerque $3.00
  • Las Cruces $3.03
  • Santa Fe $3.04
  • Texas $3.07
  • Colorado $3.05
  • Nevada $3.21
  • Arizona $3.06