Business

Gas Prices in Honolulu Drop From Last Week

February 18, 2019, 8:11 AM HST
* Updated February 19, 12:45 PM
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Gasoline prices in Honolulu have fallen 0.9 cents per gallon in the past week, averaging $3.08/g Sunday, Feb 17, 2019, according to GasBuddy’s daily survey of 214 stations in Honolulu. This compares with the national average that has increased 3.0 cents per gallon versus last week to $2.31/g, according to GasBuddy.

Average gasoline prices on Feb. 18 in Honolulu have ranged widely over the last five years:
$3.28/g in 2018, $2.98/g in 2017, $2.41/g in 2016, $2.92/g in 2015 and $3.94/g in 2014.

Including the change locally during the past week, prices yesterday were 20.4 cents per gallon lower than a year ago and are 1.5 cents per gallon lower than a month ago. The national average has increased 6.8 cents per gallon during the last month and stands 19.6 cents per gallon lower than a year ago.

Areas near Honolulu and their current gas price climate:
Hawai‘i – $3.45/g, down 5.4 cents per gallon from last week’s $3.51/g.
Oakland – $3.28/g, down 1.1 cents per gallon from last week’s $3.29/g.
San Francisco – $3.46/g, down 1.5 cents per gallon from last week’s $3.47/g.

“Gas prices have advanced to their highest level in nearly two months mainly following as oil prices move higher,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Gasoline demand remains seasonally weak, but last week’s report from the Energy Information Administration showed refinery utilization plunging, meaning less gasoline is flowing out of refiners. In addition, bullish data and optimism on a U.S.-China trade deal helped propel markets last week, as well as turmoil in Venezuela making a strong case for an larger absence of heavy crudes the market depends on. But while gas prices are nearly guaranteed to be higher in May than today, it is looking more likely that the rise in prices this year may be more muted than we’ve seen in years past when prices launched 35-75 cents during the spring.”

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