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Gas prices drop in Hawaii for first time in 11 weeks

By Star-Advertiser staff

POSTED:
LAST UPDATED: 07:48 p.m. HST, Oct 25, 2012

Americans are already feeling the pinch from high unemployment and slow wage growth. Gas station attendant Youssouf Soukouna, 42, pumps gas into a vehicle at a LukOil station where all levels of gas were priced at $4.99, in Newark, N.J.

Hawaii drivers are getting some financial relief at the gas pump.

AAA Hawaii reports gas prices are lower going into the weekend after 11 weeks of rising prices.

The statewide average is $4.41, 3 cents cheaper than last week, according to the AAA Hawaii Weekend Gas Watch.

Prices are about the same as last month and 23 cents higher than this time last year.

Nationally, AAA says prices should continue to fall through Election Day.

Prices fell as refineries returned from maintenance and demand slipped, boosting inventories to a seven-week high, according to the U.S. Energy Department. Gasoline is sinking as domestic oil production rose to a 17-year high and helped push crude oil costs down to a three- month low.

Since last week, Honolulu’s average price dropped to $4.32 a gallon for regular unleaded – a nickel less than last week,  five cents less than last month and 25 cents higher than a year ago. In Hilo, the average gas price is $4.46 a gallon, up three cents from last week, seven cents more than last month and 15 cents more than this time last year.  Wailuku’s average is $4.55 a gallon, a penny less than last week, eight cents less than last month and 12 cents higher than last year.

The national average was $3.599 a gallon. That price may fall to between $3.40 and $3.50 by Election Day, said Michael Green, a Washington-based spokesman for AAA,.

Bloomberg News contributed to this story.






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