Gas prices are going down in New Mexico, falling 16 cents

Karim Noorani USA TODAY NETWORK

Regional gas prices fell for the eighth consecutive week and reached an average of $3.54 per gallon of regular fuel on Monday, according to the U.S. Energy Information Administration.

The average fuel price in the Gulf Coast region has fallen about 66 cents since last month. According to the EIA, gas prices across the region in the last year have ranged between $2.77 on Aug. 30, 2021, and $4.63 on June 13, 2022.

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A year ago, the average gas price in the Gulf Coast region was $2.83 per gallon, representing a 25% annual increase.

The average gas price in the United States last week was $4.04, making prices in the Gulf Coast region about 12.5% lower than the nation's average. The average national gas price has fallen for the eighth consecutive week.

The U.S. Energy Information Administration's tally of prices in the Gulf Coast states includes Alabama, Arkansas, Louisiana, Mississippi, New Mexico and Texas.