Categorized | Business, Energy

Average gas prices in Hawaii fall 2.5 cents per gallon the past week

MEDIA RELEASE

Hawaii, HI, April 25- Average retail gasoline prices in Hawaii have fallen 2.5 cents per gallon in the past week, averaging $2.58/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has increased 2.4 cents per gallon in the last week to $2.14/g, according to gasoline price website GasBuddy.com

Including the change in gas prices in Hawaii during the past week, prices yesterday were 50.7 cents per gallon lower than the same day one year ago and are 2.9 cents per gallon higher than a month ago. The national average has increased 10.7 cents per gallon during the last month and stands 38.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on April 25 in Hawaii have ranged widely over the last five years:
$3.09/g in 2015, $4.34/g in 2014, $4.36/g in 2013, $4.61/g in 2012 and $4.53/g in 2011.

Areas nearby Hawaii and their current gas price climate:

  • Alaska- $2.28/g, up 2.8 cents per gallon from last week’s $2.25/g.
  • Anchorage- $2.20/g, up 0.8 cents per gallon from last week’s $2.19/g.
  • Honolulu- $2.37/g, down 4.6 cents per gallon from last week’s $2.42/g.

“The oil markets this past week shrugged off OPEC’s inability to reach an agreement for production freezes at the highly-touted meeting in Doha, Qatar. West Texas Intermediate crude futures responded to a brighter demand picture that perked prices up to $43.73 per barrel for Friday’s close. Leading the demand surge has been gasoline, where the Energy Information Administration (EIA) shows year-to-date demand to be up 3.4% from last year and up 7.4% from 2014 according to their ‘product supplied’ demand indicator,” said Will Speer, a Houston-based senior petroleum analyst for GasBuddy.

“Unsurprisingly, this has impacted retail gasoline prices, causing 43 of the 50 states to raise prices from a week ago. Low prices have ignited the early demand surge this year, and the surge is expected to continue into the summer, where demand hits its peak for the year,” Speer added.

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

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