Gas Prices Continue to Rise

The price of gasoline Honolulu has risen 1.6 cents per gallon in the past week, averaging $3.77/g yesterday, according to GasBuddy’s daily survey of 214 stations in Honolulu. This compares with the national average that has fallen 5.9 cents per gallon versus last week to $2.67/g, according to GasBuddy.

Average gasoline prices on Nov. 12, in Honolulu have ranged widely over the last five years: $3.04/g in 2017, $2.77/g in 2016, $2.72/g in 2015, $3.86/g in 2014 and $3.93/g in 2013.

Including the change locally during the past week, prices yesterday were 72.5 cents per gallon higher than a year ago and are 6.6 cents per gallon higher than a month ago. The national average has dropped 22.1 cents per gallon during the last month and stands 12.2 cents per gallon higher than a year ago.

Areas near Honolulu and their current gas price climate:

• Hawai‘i – $4.04/g, up 0.7 cents per gallon from last week’s $4.03/g.
• Oakland – $3.73/g, down 2.8 cents per gallon from last week’s $3.76/g.
• San Francisco – $3.85/g, down 3.6 cents per gallon from last week’s $3.88/g.

“The last week has seen another notable decline at pumps in nearly every state with average prices again plummeting, in some places to $1.99 per gallon or less, following oil’s longest losing streak in nearly 34 years,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Every single day, Americans are spending nearly $100 million less than just 30 days ago- a significant and impressive feat as the national average gas price has shed over 20 cents per gallon over the last month. Oil’s demise has partially been due to the U.S. issuing waivers to countries buying crude oil from Iran, making sanctions moot, but also because ahead of those waivers, OPEC agreed to increase production to soften the potential blow from the Nov. 4 re-imposition of sanctions- yet now OPEC is upset and may again cut production to the the move by Trump to allow temporary waivers. What’s it all mean for motorists? The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up.”