As many New Mexicans prepare to travel during the July 4 holiday, motorists are paying less at the pump than last week.
As many New Mexicans prepare to travel during the July 4 holiday, motorists are paying less at the pump than last week. The average price for a gallon of regular unleaded in the state is $3.41, a drop of nine cents, according to the AAA? New Mexico Weekend Gas Watch.
Among major metro areas, drivers in Santa Fe are paying the most, at $3.41, while drivers in Las Cruces are paying the least at $3.27. Nationally, the average is $3.37.
Analysts say concern about the global economy, particularly the debt crisis in Europe, and a slowdown in growth in large economies such as Brazil, India and China, continues to be a drag on expectations for future oil demand, putting downward pressure on prices.
Consumers are reaping the benefits. AAA New Mexico forecasts that the lower gas prices will act as a motivation for about 3.1 million Mountain Region residents to travel next week.
Of those travelers, 2.4 million will be driving to their destination with an average distance of 826 miles round-trip. The Mountain Region includes New Mexico, Arizona, Colorado, Idaho, Montana, Nevada, Utah and Wyoming.
?Many families are taking advantage of lower gas prices this summer vacation season and are traveling to a variety of destinations both in and out of the state,? AAA Texas/New Mexico Representative Sarah Schimmer said. ?Families in New Mexico are expected to spend an average of $648 over the 4th of July holiday.?
AAA offers an online fuel cost calculator here. By entering your starting point, destination, as well as the make, model and year of your vehicle, you can get an estimated gas budget.
More information is online.
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