FARMINGTON — Gas prices may be near bottoming out after oil dramatically recovered on the financial markets Friday.

Benchmark U.S. crude jumped by $7.27, or 9.4 percent, on Friday to end the week at $84.96 per barrel in New York. Brent crude, which helps set the price of imported oil, rose by $6.44, or 7 percent, to $95.51 per barrel in London.

The surge could end a nearly three-month decline in U.S. gasoline prices. The national average for gas had declined from $3.94 per gallon in the first week of April to $3.35 on Friday.

Tom Kloza, publisher and chief oil analyst at Oil Price Information Service, said gasoline should get a little more expensive this week as stations price in the jump in oil, which accounts for two-thirds of the cost of a gallon of gas.

Oil plunged around 25 percent from May 1 through Thursday. At $3.35 per gallon, the national average was the lowest since Jan. 6, according to auto club AAA, Wright Express and OPIS.

"That's probably the bottom until after Labor Day," Kloza said. He expects the average to waver between $3.30 and $3.50 per gallon for the rest of the summer.

Gas prices fell to $3.66 per gallon Friday in Durango, Colo., the nearest city tracked by the auto club AAA. That was a 10-cent decline from a week earlier.

Diesel also continued to nudge down, falling slightly to $3.70 per gallon.

In Albuquerque, gas slid to $3.34 per gallon, down nearly 10 cents in the past week. Las Cruces had the cheapest gas in the state at $3.25 per gallon.


Drivers tend to pay more for gas in the Four Corners. In part, that's because of the area's rural nature, said Patrick DeHaan, senior petroleum analyst for, a series of websites that track gas prices.

"The more isolated the location, the less competition, the longer it takes prices to drop," he said.

On Friday, prices in Farmington ranged from $3.52 per gallon at Sam's Club to $3.59 at several stations.

Cities such as Albuquerque tend to have more intense competition, and greater volume. And although Farmington sits in the San Juan Basin, which produced more than 1 million barrels of oil in 2011, that doesn't necessarily translate into lower local pump prices.

Albuquerque has another advantage, De Haan said.

"There's a refinery near Albuquerque. That may also help keep transport prices down," he said.

The Associated Press contributed to this report.