Gas Prices Down This Week, Month and Year

Hele Gas PC: Par Hawaii

Gas prices in Honolulu pressed slightly downward over the last week at a rate consistent with slightly falling pump prices across the country.

The cost of gas in the state’s largest metropolitan area was down 0.4 cents per gallon over the last seven days, averaging $3.51/g on Monday, Nov. 4, according to GasBuddy’s daily survey of 214 stations. Gas prices in Honolulu are 1.3 cents per gallon lower than a month ago and stand 23.1 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Honolulu was priced at $2.99/g Monday while the most expensive is $3.76/g, a difference of 77 cents per gallon.

The lowest price elsewhere in the state Monday was $3.09/g while the highest is $4.05/g, a difference of 96 cents per gallon. The cheapest price in the entire country Monday stood at $1.91/g while the most expensive was $5.49/g, a difference of $3.58/g.

The national average price of gasoline has fallen 0.4 cents per gallon in the last week, averaging $2.60/g today. The national average is down 6.9 cents per gallon from a month ago and stands 13.8 cents per gallon lower than a year ago, GasBuddy reported.

“While the national average gas price didn’t show much of a significant trend either way, oil prices did jump last week on the solid jobs report and on news of a growing consensus that the US and China have agreed to some form of a trade deal,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“With such strong economic data, the picture is painted that we could see improving demand for oil and thus prices rising last week,” he continued. “While it may not be immediately noticed at the pump as gasoline demand continues to be weak in the off-season, it certainly could lead to a more noticeable impact next summer should nothing change until then. Ahead of Thanksgiving, last week’s oil jump may derail falling gas prices, though we still may see prices drift lower, the good economic news means prices will not drop as much as they could have otherwise.”