Business

Gas Prices in Honolulu Unchanged From Last Week

October 29, 2018, 9:13 AM HST
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Gasoline prices in Honolulu are unchanged in the past week, averaging $3.76/g yesterday, according to GasBuddy’s daily survey of 214 stations in Honolulu. This compares with the national average that has fallen 2.9 cents per gallon versus last week to $2.81/g, according to GasBuddy.

Average gasoline prices on Oct. 29 in Honolulu have ranged widely over the last five years: $2.97/g in 2017, $2.79/g in 2016, $2.74/g in 2015, $3.93/g in 2014 and $3.98/g in 2013.

Including the change locally during the past week, prices yesterday were 79.7 cents per gallon higher than a year ago and are 13.6 cents per gallon higher than a month ago. The national average has dropped 6.6 cents per gallon during the last month and stands 35.6 cents per gallon higher than a year ago.

Areas near Honolulu and their current gas price climate:
Hawai‘i- $4.04/g, down 2.0 cents per gallon from last week’s $4.06/g.
Oakland- $3.81/g, down 2.0 cents per gallon from last week’s $3.83/g.
San Francisco- $3.91/g, down 1.3 cents per gallon from last week’s $3.93/g.

“From coast to coast, gas prices in nearly every state saw downward movement in the last week as sliding oil prices continued to keep the door open to falling gas prices,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “In fact, in the next 24 hours we’ll likely see the national average fall to its lowest point in over six months. Saudi Arabia has indicated it is prepared to raise oil production, addressing what had been a major concern ahead of Iran sanctions taking effect. Oil prices have fallen over 10% in recent weeks, providing the bulk of the gas price relief we’re seeing, and will continue to see for the next week or two at least. While there is still some anxiety globally over a lack of spare oil capacity, the market has been laser focused on discussion from oil producers, including Russia, that they will act to raise production. OPEC meets in early December, and any official increase in oil production could go a long way to temper concerns of shortcomings in the market.”

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