The average price of gasoline in New Mexico has increased nearly $1.50 a gallon since February, when President Donald Trump began an armed conflict with Iran.
While New Mexico generally has lower average gas prices than the rest of the country, a Source NM review of data from the American Automobile Association shows that every New Mexico county experienced a sharp increase in costs between early February and late May.
Taos County drivers have seen the largest gas increase in the state, according to the AAA data. In February 2025, the earliest month for which data was readily available, the average price per gallon of regular unleaded gasoline was about $2.85. As of Wednesday, the average price in that county is $4.61 — a $1.76 increase.
But the highest gas prices in the state, according to the AAA data, can be found in Harding County in northeast New Mexico. Prices there are consistently higher than the rest of the state and on Wednesday reached more than $5.30 a gallon.
The national average is $4.43 as of Wednesday. The New Mexico average is $4.25.
While the high gas prices may be hurting New Mexicans’ wallets, the spike in gas prices is generating additional revenues for the state. According to a 2023 presentation from the New Mexico Legislative Finance Committee, a $1 fluctuation in the average price of a barrel of oil corresponds to a roughly $60 million swing in revenue to the state.
