MEDIA RELEASE

October 12- Average retail gasoline prices in Hawaii have not moved in the past week, averaging $2.86/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has increased 2.7 cents per gallon in the last week to $2.31/g, according to gasoline price website GasBuddy.com

Including the change in gas prices in Hawaii during the past week, prices yesterday were 126.1 cents per gallon lower than the same day one year ago and are 12.3 cents per gallon lower than a month ago. The national average has decreased 3.1 cents per gallon during the last month and stands 88.0 cents per gallon lower than this day one year ago.

“A majority of states saw gasoline prices jumping over the last week thanks to a upward move in oil prices as well as refinery maintenance season getting underway, constricting gasoline output,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “The jump was led by states in the Midwest- areas that GasBuddy had warned last week were ripe for hikes thanks to a confluence of refinery maintenance and outages. North Dakota, Iowa, Minnesota, Nebraska and Oklahoma led with the largest increases, while areas of the West Coast saw continued relief at the pump. Some areas of the country are seeing hikes at the gas pump while others see continued declines.”

“The most pressing issues on gasoline prices currently remain the recent surge in oil prices that have brought a barrel of West Texas Intermediate oil to nearly $50/bbl from $38/bbl in August. While I believe the rebound is somewhat of a head fake as the oil market remains oversupplied- it will be a temporary rebound, with oil and gasoline prices moving lower again in the months ahead, allowing for relief at the pump again in the months ahead, and we’re sticking to our previous guidance- $1.98/gal nationally by Christmas,” DeHaan said.

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