A month ago, we wrote about the five-cent jump in New Mexico gas prices since January, warning that Gas Prices Are Headed for $4/gal By June 2022.
Four dollars a gallon came a few months early.
According to GasPrices.AAA.com, New Mexico prices increased 14 cents in a day, reaching $4.038 statewide. That’s 63 cents higher than a month ago.
And prices are expected to increase.
President Joe Biden just announced he will be banning Russian oil imports, which accounts for about 10% of U.S. oil–700,000 barrels from Russia out of more than 6 million total imports.
Does that mean gas prices can be expected to rise another 10%?
Biden has announced he will be emptying U.S. oil reserves to the tune of 30 million barrels. But at 18 million barrels consumed per day (per the U.S. Energy Information Administration), the reprieve will be short-lived.