Categorized | Business, Energy

Average gas prices in Hawaii fall 1.7 cents per gallon the past week

MEDIA RELEASE

Hawaii, December 1- Average retail gasoline prices in Hawaii have fallen 1.7 cents per gallon in the past week, averaging $3.87/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has fallen 2.1 cents per gallon in the last week to $2.78/g, according to gasoline price website GasBuddy.com

Including the change in gas prices in Hawaii during the past week, prices yesterday were 6.4 cents per gallon lower than the same day one year ago and are 15.4 cents per gallon lower than a month ago. The national average has decreased 21.8 cents per gallon during the last month and stands 49.9 cents per gallon lower than this day one year ago.

“Oil prices have been demolished in the last 72 hours as OPEC decided against a production cut, which will open the flood gates to even more gas price declines,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “In my decade of watching oil and gasoline prices, I don’t think I’ve seen as steep a decline in a 48 hour time frame as what we saw on Thanksgiving Day and into last Friday as OPEC put off any decrease in production. This is perhaps one of the most astonishing weeks in watching crude prices I’ve ever witnessed, and motorists will likely be giddy at what I see in our gas price crystal ball: a 15-25 cent drop over the next several weeks, bringing the national average down to the $2.50s by Christmas,” he noted.

For Big Island gas prices and trends visit — www.hawaii247.com/gas

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