Business

Gas Prices in Honolulu Fall From Last Week

December 10, 2018, 8:22 AM HST
* Updated December 12, 7:12 AM
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Gasoline prices in Honolulu have fallen five cents per gallon in the past week, averaging $3.41/g yesterday, according to GasBuddy’s daily survey of 214 stations in Honolulu. This compares with the national average that has fallen 2.7 cents per gallon versus last week to $2.41/g, according to GasBuddy.

Average gasoline prices on Monday, Dec. 10, 2018, in Honolulu have ranged widely over the last five years:

$3.12/g in 2017, $2.80/g in 2016, $2.62/g in 2015, $3.65/g in 2014 and $3.81/g in 2013.

Including the change locally during the past week, prices yesterday were 28.9 cents per gallon higher than a year ago and are 34.7 cents per gallon lower than a month ago. The national average has dropped 28.0 cents per gallon during the last month and stands 3.8 cents per gallon lower than a year ago.

Areas near Honolulu and their current gas price climate:
Hawai‘i- $3.71/g, down 15.9 cents per gallon from last week’s $3.87/g.
Oakland- $3.53/g, down 6.3 cents per gallon from last week’s $3.59/g.
San Francisco- $3.65/g, down 5.3 cents per gallon from last week’s $3.70/g.

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“Average gas prices have continued to move lower in most states in the last week as retail prices continue to catch up to the low price of oil,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “27 states boast a low price of $2 per gallon or less, and Missouri’s statewide average will likely fall under $2 per gallon this week, representing the first state to cross the psychological barrier. While the going has been good at most gas pumps, OPEC countries did agree to curb oil production, but the cut was smaller than we had expected, and for a shorter duration than anticipated, resulting in a small upward move in oil, one that may not immediately curb the declines. We appear poised to see the national average drop perhaps at least one more week- and we could close this week with the nation’s average in the $2.30s- the lowest in over a year.”

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National gas price average of $2.42 is the lowest pump price of the year, a price point not seen since mid-December last year. The average sits at four cents cheaper than last week, 28-cents cheaper than last month and four cents less than last year. The last time the national average was cheaper on the week, month and year was during July 2017.

“Motorists are noticing a big difference as they fill-up at the gas pump this month,” said Jeanette Casselano, AAA spokesperson. “Month-over-month, gas price averages have dropped double digits for every state. For some in the Great Lakes and Central states (Iowa, Kansas, Nebraska and Missouri) state gas prices are as much as 40-cents less than they were in November. In some states, gas prices are nearing $2 per gallon—something that hasn’t been seen since December 2017.”

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