The Eastern New Mexico News - Serving Clovis, Portales and the Surrounding Communities

Gas prices rise to three-year high

 

April 25, 2018

Tony Bullocks

Gas prices are at a three-year high across the country.

Filling up your gas tank is never fun, but local consumers have experienced some increased pain at the pump recently as gas prices have risen dramatically, following a nationwide trend.

Allsup's in Farwell was charging $2.66 a gallon on Tuesday, a 16-cent hike over the past week and up more than 40 cents from this time last year. Those rates fall in line with the statewide trend of rising prices, according to the AAA New Mexico Gas Watch.

AAA reports that the average gas price in New Mexico is $2.73 a gallon, up 6 cents from last week and 37 cents from this time last year. According to Gasbuddy.com. a website that tracks gas prices from around the country, gas prices in Clovis and Portales on Tuesday were as high as $2.69 a gallon.

News reports from around the country show gas prices in some areas are over $3 a gallon and have reached their highest points since 2015.

AAA cites increased demand as one possible reason for the rise in prices. According to AAA, the Energy Information Administration's data shows the current consumer demand level for gasoline is at its all-time high for the month of April, even exceeding typical summer demand measurements.

AAA New Mexico spokesperson Daniel Armbruster said more people traveling is one cause of this high demand. Armbruster said the U.S. saw record travel numbers during 2017 and this year AAA forecasts nearly 60 million American families will drive to their summer vacation destination.

One Stripes convenience store in Clovis has been without gas for two days, though it's unknown if it was due to high demand as officials declined to comment.

Consumers should not expect relief at the pumps to come soon. According to a recent blog post by Gasbuddy's senior petroleum analyst Patrick DeHaan, gas prices typically spike in mid-May, which is expected to occur again this year.

DeHaan's blog suggests another cause of rising gas prices could be the cost of oil hitting its highest point since December 2014, due to trade tensions with China and the military situation in Syria.

 

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