Categorized | Business, Energy

Average gas prices fall 2.4 cents per gallon the past week in Hawaii

MEDIA RELEASE

August 24- Average retail gasoline prices in Hawaii have fallen 2.4 cents per gallon in the past week, averaging $3.18/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has fallen 7.1 cents per gallon in the last week to $2.60/g, according to gasoline price website GasBuddy.com

Including the change in gas prices in Hawaii during the past week, prices yesterday were 112.4 cents per gallon lower than the same day one year ago and are 13.3 cents per gallon lower than a month ago. The national average has decreased 12.8 cents per gallon during the last month and stands 82.8 cents per gallon lower than this day one year ago.

“Gasoline price trends finally aligned last week across all areas of the country,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “The Midwest saw gasoline prices plunge after it was reported that BP was looking to bring its Whiting refinery online in the days ahead. Should this eventually be confirmed, prices could fall through at least Labor Day in the Midwest. On the flip side, motorists in the Northeast should now be on alert after a major fire struck a PBF refinery in Delaware City on Friday. The market hasn’t really had a chance to react, but it could turn ugly at the pump in the days ahead for motorists in that region. Elsewhere, the West Coast saw prices decline, along with the Gulf Coast, East Coast and Rockies- virtually everyone saw gasoline prices fall in the last week. As we enter the final stretch of the summer driving season, autumn still looks to bring a big drop in gasoline prices. Crude oil last week touched under $40 a barrel for the first time since the recession, and this week could bring prices that stay under that key level,” DeHaan said.

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

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