POSTED: 09:32 a.m. HST, Oct 10, 2011
LAST UPDATED: 02:28 p.m. HST, Oct 10, 2011
Gas prices in Hawaii have declined slightly but drivers are still paying much more than they were a year ago and significantly more than drivers on the mainland.
AAA's Daily Fuel Gauge report shows gas prices in Honolulu have dropped faster than the Neighbor Islands, where prices appear to have leveled off and are declining slightly.
GasBuddy.com said today that the average price across the state last week was $4.21 a gallon, 2.3 cents less than the week before.
Last year at this time, Hawaii drivers were paying an average of $3.48 a gallon to fill up.
In Honolulu, AAA says the average price for a gallon of regular is $4.10, down nearly 4 cents from last week and 16 cents lower than last month.
Gas prices in Hilo averaged $4.33, down 2 cents from last week, but still 7 cents higher than last month. In Wailuku, the average price for regular is $4.44 cents a gallon, about the same as last week and 7 cents higher than last month.
Hawaii remains the only state with gas prices above $4 a gallon.
Gas prices leveled off on Monday at a national average of $3.395 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has dropped an average of 27 cents since Sept. 5. It's still about 59 cents higher than a year ago.
Pump prices on the mainland have been falling almost every day since the first week of September.
But rising oil prices could keep retail gasoline prices from sinking as low as some expected this year, analysts said.
Oil prices jumped more than 3 percent today after France and Germany agreed to strengthen Europe's ailing banks.
Benchmark crude rose $2.68, or 3.2 percent, to $85.66 per barrel in New York, and Brent crude increased $3.17 at $109.05 in London.
"Everyone had priced in a recession, and now we're realizing that, while the economy won't be growing that fast, it's still growing," PFGBest analyst Phil Flynn said.
The senior petroleum analyst for GasBuddy, Patrick DeHaan, said he expects oil prices to remain volatile, resulting in a roller coaster ride of up and down prices for consumers.