MEDIA RELEASE

January 25- Average retail gasoline prices in Hawaii have fallen 2.4 cents per gallon in the past week, averaging $2.63/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has fallen 6.5 cents per gallon in the last week to $1.82/g, according to gasoline price website GasBuddy.com

Areas nearby Hawaii and their current gas price climate:

• Alaska- $2.38/g, down 2.5 cents per gallon from last week’s $2.41/g.
• Anchorage- $2.30/g, down 1.8 cents per gallon from last week’s $2.32/g.
• Honolulu- $2.45/g, down 1.1 cents per gallon from last week’s $2.46/g.

Including the change in gas prices in Hawaii during the past week, prices yesterday were 63.6 cents per gallon lower than the same day one year ago and are 7.3 cents per gallon lower than a month ago. The national average has decreased 17.5 cents per gallon during the last month and stands 20.0 cents per gallon lower than this day one year ago.

“As the Northeast digs out from the brutal blizzard Jonas, commodities markets are attempting to dig themselves out of their recent hole,” said Will Speer, a GasBuddy senior petroleum analyst. “Crude oil futures have lost 18% of value since the end of 2015 and have cleared the way for the retail gasoline price decline. Ample supply has been attributed as the cause of prices falling at the pump. Gasoline inventories sitting at 245 million barrels are the highest the U.S. has seen since March 1990,” he said.

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