Average gas prices in Hawaii fall 4.8 cents per gallon the past week

MEDIA RELEASE

Hawaii, HI, July 31- Average retail gasoline prices in Hawaii have fallen 4.8 cents per gallon in the past week, averaging $3.24/g yesterday, according to GasBuddy’s daily survey of 355 gas outlets in Hawaii. This compares with the national average that has increased 3.5 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 51.2 cents per gallon higher than the same day one year ago and are 3.3 cents per gallon lower than a month ago. The national average has increased 8.3 cents per gallon during the last month and stands 18.2 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on July 31 in Hawaii have ranged widely over the last five years:

$2.73/g in 2016, $3.28/g in 2015, $4.34/g in 2014, $4.35/g in 2013 and $4.14/g in 2012.

Areas near Hawaii and their current gas price climate:

“The upward climb at pumps across the country has largely continued as crude oil prices rallied and stand within striking distance of $50 per barrel,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “The rise in oil has come due to unrest and concern over the political outlook in Venezuela, a major supplier of crude oil to the U.S., due as well to Saudi Arabia’s export cut to six million barrels per day. Add on top of it U.S. oil inventories that have declined over 50 million barrels from March and you have a recipe for a continued rally in gasoline prices in much of the country. Watch for some volatility in oil and gasoline prices in the weeks ahead, especially with what’s going on in Venezuela. August will likely feature the summer’s highest gasoline prices.”

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