Business

Modest November Gas Price Drops Sweep the Isle

November 23, 2015, 4:37 PM HST
* Updated November 30, 4:18 PM
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Over the past month, fuel prices on the Big Island have seen a steady decline.

This week, gas price averages are seeing a continuation of small, but steady, drops across the island.

Using numbers from AAA’s Fuel Gauge Report, along with Gas Buddy Data, Big Island Now continues to track Big Island fuel prices.

In Hilo, regular fuel was an average of $2.69 Monday, a drop of three cents compared to last week. The mid-grade fuel average dropped by two cents to $2.79, and the premium fuel average was $2.92, a drop of seven cents compared to last week.

Compared to one month ago, regular fuel and premium fuel averages are 14 and 13 cents cheaper, respectively, while premium fuel is just 16 cents lower this week.

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Average fuel prices compared to the same week in November 2014 are down by more than one dollar. At this point in 2014, regular fuel in Hilo cost an average of $3.84, $1.15 more than the current average. Mid-grade fuel and premium fuel were each $1.10 more expensive than their current prices, at $3.89 and $4.02, respectively.

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Kailua-Kona fuel averages once again have followed Hilo prices very closely.

Big Island Now’s calculation of Gas Buddy data from Kailua-Kona shows that regular fuel was an average of $2.95 Monday, four cents less than what was reported last week and a total of seven cents down from numbers two weeks ago. Mid-grade gasoline was an average of $3.05, a five-cent decrease compared to last week, and eight cents cheaper than two weeks ago. Premium fuel also dropped and saw an average fuel price of $3.14 Monday, a ten cent average drop in two weeks.

In Honolulu, the average price of regular fuel was only lower than Hilo’s average by one cent, the same difference seen last week. Kona’s regular fuel average was 15 cents more than Honolulu’s number, closing in on last week’s price gap of 28 cents. Oahu fuel buyers are paying $2.70 for fuel, a one cent decrease since last week.

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Diesel buyers in Hilo were paying an average of $4.16 on Tuesday, The price tip-toed up by two cents while Honolulu diesel buyers were paying $4.33, a drop of three cents.

The national average for regular fuel on Monday was $2.07, a seven-cent decrease compared to last week and 14-cent drop in two weeks. The national average is 62 cents less than Hilo’s average this week and 88 cents less than Kailua-Kona’s prices, margins that increased just slightly compared to last week.

“Gasoline prices appear ripe to break under the $2 per gallon threshold in the next day or two, something not witnessed since March 2009,” said Patrick DeHaan, GasBuddy senior petroleum analyst. “In addition, oil prices seem likely to spend some time under $40 per barrel, also some of the lowest prices witnessed since the Great Recession- it’ll come in handy not only the week ahead, but for the holiday season as well.

“Three main factors are leading to the low levels we’re seeing- a seasonal decline in gasoline demand, low and falling oil prices and a refinery maintenance season which is quickly wrapping up.”

Club member-only prices, such as Costco and HFN, are excluded from this analysis and its averages.

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