Business

Gas Prices Drop From Last Week

November 26, 2018, 8:16 AM HST
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Gasoline prices in Honolulu have fallen 4.7 cents per gallon in the past week, averaging $3.60/g yesterday, according to GasBuddy’s daily survey of 214 stations in Honolulu. This compares with the national average that has fallen 7.8 cents per gallon versus last week to $2.53/g, according to GasBuddy.

Average gasoline prices on Nov. 26 in Honolulu have ranged widely over the last five years:
$3.06/g in 2017, $2.72/g in 2016, $2.67/g in 2015, $3.80/g in 2014 and $3.85/g in 2013.

Including the change locally during the past week, prices yesterday were 53.4 cents per gallon higher than a year ago and are 15.2 cents per gallon lower than a month ago. The national average has dropped 29.4 cents per gallon during the last month and stands 3.4 cents per gallon higher than a year ago.

Areas near Honolulu and their current gas price climate:
Hawai‘i- $3.87/g, down 9.3 cents per gallon from last week’s $3.97/g.
Oakland- $3.65/g, down 3.2 cents per gallon from last week’s $3.69/g.
San Francisco- $3.76/g, down 5.0 cents per gallon from last week’s $3.81/g.

“The $1.99 club has seen its membership swell in the last week with the number of states with stations priced at that level or lower spiking to 18.” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Texas, New York, Missouri, Louisiana, Ohio, Oklahoma, South Carolina, Alabama, Mississippi, Michigan, Virginia, Arkansas, Kansas, Kentucky, New Mexico, Ohio, Tennessee and Illinois all have at least one station at $1.99 or less, and the good news is it won’t end there. Oil prices have seen another weekly rout, with WTI crude oil shedding over $6 per barrel or some 14% to close the week at a mere $50 per barrel. While many may be a skeptic of the White House taking some credit, the Trump Administration’s reluctance to punish Saudi Arabia for it’s role in the murder of Jamal Khashoggi is likely leading Saudi Arabia to push against large cuts in crude oil production, fearing potential fallout from Trump. In the week ahead, motorists in most states will likely see further drops, saving the country $125 million a day versus prices in early October.”

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