(STACKER) – The national average price for a gallon of regular gasoline this week is down seven cents. The drop follows President Biden’s announcement on March 31 that the country’s strategic petroleum reserve would release 1 million barrels of oil a day for six months.
Stacker compiled gas price statistics in the Santa Fe, NM metro area using AAA data. Gasoline prices are current as of April 7. State gasoline tax data is from World Population Review. Three states — Connecticut, Georgia and Maryland — have temporarily suspended gasoline taxes to cover costs for consumers while prices rise.
The International Energy Agency, made up of 31 member countries from around the world, including the United States, confirmed on April 7 that it would release 120 million barrels of its emergency oil reserves. Half of that will come from US stocks. Following the announcement, Brent futures, the global benchmark for crude oil, fell more than 5%.
Amid the ongoing Russian-Ukrainian war, the IEA estimates that Russia could face oil export cuts of around 3 million barrels a day from April due to sanctions and buyer aversion. So far, the European Union has been reluctant to impose sanctions on Russia’s energy sector due to its dependence on the country’s oil and natural gas. In 2021, Europe imported around 45% of its natural gas and 34% of its crude oil from Russia.
Pressure for tougher sanctions is mounting in the face of Russia’s possible war crimes in Ukraine. On April 5, the EU proposed to ban Russian coal as part of a new round of sanctions, plunging into the energy sector.
Santa Fe in numbers
– Current price: $4.04
— New Mexico average: $4.10
— Gas tax in New Mexico: $0.19 per gallon (#45 highest among all states)
– Weekly variation: -0.07$ (-1.7%)
– Change of year: +$1.19 (+41.7%)
– Historically high gas prices: $4.17 (3/29/22)
Subways with the most expensive gas
#1. San Luis Obispo-Atascadero-Paso Robles, CA: $5.98
#2. Napa, CA: $5.92
#3. Ventura, CA: $5.92
Subways with the cheapest gasoline
#1. Lawton, Oklahoma: $3.48
#2. Joplin, Missouri: $3.51
#3. Amarillo, TX: $3.52
States with the highest gasoline tax per gallon
#1. Pennsylvania: $0.59
#2. California: $0.53
#3. Washington: $0.52
States with the lowest gasoline tax per gallon
#1. Alaska: $0.0895
#2. Hawaii: $0.16
#3. Virginia: $0.162