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Gas price finally drops after 27 days of increases

By Associated Press

LAST UPDATED: 6:59 a.m. HST, Mar 6, 2012

NEW YORK >> Gasoline prices have finally dropped after 27 days. 

The nationwide average for regular unleaded slipped less than a penny to $3.764 per gallon on Tuesday. That ended a streak of price hikes that began on Feb. 8.

Hawaii's average price also dropped slightly to $4.377 a gallon for regular from $4.379 on Tuesday. But Hawaii's prices remain the highest in the nation.

Hilo saw the biggest drop in Hawaii, down by nearly 2 cents to $4.552 a gallon. Honolulu's average is $4.266 a gallon, up by .4 cents. The average price of gas statewide rose by 26 cents since last month.

Nationally, pump prices rose by more than 28 cents per gallon in the last 27 days, making gasoline the most expensive ever for this time of year.

Besides Hawaii, gasoline already tops $4 per gallon in California and Alaska. It’s near the $4 mark in several other states, including Connecticut, Illinois, Michigan, New York, Oregon and Washington.

Despite the one-day drop, experts predict that gasoline will continue to rise over the next several weeks. The Oil Price Information Service predicts the nationwide average could peak at $4.25 per gallon in late April.  

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