Categorized | Business, Energy

Average gas prices in Hawaii rise 3 cents per gallon the past week

MEDIA RELEASE

Hawaii, HI, May 22- Average retail gasoline prices in Hawaii have risen 3.0 cents per gallon in the past week, averaging $3.27/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.35/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Hawaii during the past week, prices yesterday were 62.0 cents per gallon higher than the same day one year ago and are 20.3 cents per gallon higher than a month ago. The national average has decreased 7.0 cents per gallon during the last month and stands 6.9 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 22 in Hawaii have ranged widely over the last five years:
$2.65/g in 2016, $3.27/g in 2015, $4.37/g in 2014, $4.36/g in 2013 and $4.53/g in 2012.

Areas near Hawaii and their current gas price climate:
Alaska- $2.95/g, up 0.9 cents per gallon from last week’s $2.94/g.
Anchorage- $2.71/g, down 0.4 cents per gallon from last week’s $2.72/g.
Honolulu- $2.87/g, flat from last week’s $2.87/g.

“Due to a $3 per barrel surge in crude oil prices in the last week, gasoline prices have been moving higher across a good portion of the U.S.,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Optimism surrounding a likely deal to renew OPEC’s production cuts is pushing oil prices higher, but also the possibility that non-OPEC countries may join in has led to a dramatic turnaround in oil prices recently, with WTI crude oil climbing back over $50 per barrel for the first time since late April. The timing is impeccable for OPEC- tighten the market as summer driving season hits? Of course, but if global oil inventories don’t soon reflect the lower output it will eventually mean more struggles for oil down the road, so we’re staying tuned,” DeHaan added.

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

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Become a fan on facebook

 

Quantcast
%d bloggers like this: