MEDIA RELEASE

November 23- Average retail gasoline prices in Hawaii have fallen 4.8 cents per gallon in the past week, averaging $2.82/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has fallen 8.2 cents per gallon in the last week to $2.07/g, according to gasoline price website GasBuddy.com

Including the change in gas prices in Hawaii during the past week, prices yesterday were 107.5 cents per gallon lower than the same day one year ago and are 8.5 cents per gallon lower than a month ago. The national average has decreased 14.1 cents per gallon during the last month and stands 73.6 cents per gallon lower than this day one year ago.

“Gasoline prices appear ripe to break under the $2 per gallon threshold in the next day or two, something not witnessed since March, 2009,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “In addition, oil prices seem likely to spend some time under $40 per barrel, also some of the lowest prices witnessed since the Great Recession- it’ll come in handy not only the week ahead, but for the holiday season as well. Three main factors are leading to the low levels we’re seeing- a seasonal decline in gasoline demand, low and falling oil prices and a refinery maintenance season which is quickly wrapping up,” he added.

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