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Gas Likely to Rise as Oil Jumps $7 a Barrel, Closing Over $112 Thursday

A week ago, oil closed at $105 a barrel and gas prices in New Mexico were hovering around $4.15 a gallon after peaking at $4.19 a week prior.

Crude hasn’t fallen under $105 a barrel since, a sign that gas prices are likely to climb.

This week, crude WTI has traded between $110 and $115 a barrel, closing Thursday over $112.

As of Friday, GasPrices.AAA.com had New Mexico gas prices averaging $4.146 a gallon.

New Mexico legislators will discuss tax rebates of $250 to $400 per individual tax filer during its April special session.

“The focus of the rebates is to soften the blow of high gas prices and some other inflationary things going on right now. That pretty much applies to everyone across the board.”

–Rep. Christine Chandler (D-Los Alamos), Chair of the House Taxation and Revenue Committee
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