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Gas prices dip below $4 a gallon in Honolulu

By Star-Advertiser staff and the Associated Press

LAST UPDATED: 10:07 p.m. HST, Nov 20, 2011


After hovering around $4 a gallon last week, the average price of regular gasoline dropped below the $4 a gallon mark in Honolulu this weekend. But the neighbor islands are not seeing the same price drop.

The average price of a gallon of gas in Honolulu is $3.996 a gallon today, slightly lower than Saturday's price of $3.998.

The price of gas in Honolulu has been steadily dropping.

Gas sold for $4.016 last week and $4.088 last month in Honolulu.

The highest prices are on Maui where gas in Wailuku is $4.43 a gallon for regular, roughly the same as Saturday and last week's price, and a penny lower than last month. Hilo's average price is $4.30 a gallon; up from last week when gas sold for $4.29. Hilo's gas prices dropped about 3 cents in the last month.

The statewide average price is $4.14 a gallon, roughly the same as last week.?Last month's statewide average was $4.20.

Nationwide, the average price of a gallon of gasoline in the United States dropped nearly five cents over the past two weeks.

The Lundberg Survey of fuel prices released Sunday puts the price of a gallon of regular at $3.38.

Costs have seen similar drops in midgrade, now at an average of $3.54 a gallon, and premium at $3.65.

Diesel is up more than seven cents to $4.00 a gallon.

Of the cities on the mainland surveyed, Albuquerque, N.M., had the nation's lowest average price for gas at $2.96, and San Francisco had the highest at $3.78.

The price of oil ended the week lower than it began, despite a surge of trading that temporarily pushed crude above $100 at midweek for the first time since July. On Friday benchmark crude fell $1.41 to finish at $97.41 per barrel in New York, in light trading ahead of the Thanksgiving holiday week. 

The sharp price fluctuations in oil will ripple through energy markets, but analysts say the ups and downs this week probably won't have much effect on retail gasoline prices. Pump prices fell nearly a penny on Friday to a national average of $3.38 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular has lost 44 cents since hitting its 2011 peak near $4 per gallon in May. Analysts say prices could fall by another 13 cents by the end of the year.

For most of October and November, oil prices have soared on encouraging economic news in the U.S. and reports that crude supplies were dropping.

The benchmark price jumped as high as $103.37 on Wednesday, following an announcement by two Canadian pipeline companies that they would bring oil from a key delivery point in Cushing, Okla., to the Gulf Coast. That will reduce a glut of crude in the Midwest that has weighed on benchmark prices this year. 

Prices plunged Thursday as borrowing rates jumped in Europe and investors worried that slowing eurozone economies would reduce demand for oil.

Analysts say the dust is still settling from the rapid swings in oil prices this week. 

"The market is just wobbly right now," independent analyst and trader Stephen Schork said.

On Friday the headlines about the world economy were mostly positive. Greek leaders predicted that the country's massive budget deficit will fall sharply next year, with the help of bailouts and other debt relief. In the U.S. a gauge of economic indicators showed solid growth in October, and a stronger economy means rising demand for oil.

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KeithHaugen wrote:
We're still more than 60 cents a gallon higher than the U.S. Mainland, and some cities are a dollar below our average.
on November 20,2011 | 12:39PM
false wrote:
Who cares, you can afford $12 per gallon, with your salary, Dan.
on November 20,2011 | 01:27PM
stanislous wrote:
And what was the price of gas 3 years ago before "you know who", "whose name must not be mentioned" took office. LOL LOL LOL
on November 20,2011 | 01:09PM
what wrote:
The people of Hawaii are being gouged. California pump prices are in the $3.50-$3.70 range. Hawaii gas prices have historically followed California gas prices, in fact the Hawaii gas cap law was linked to California prices.
on November 20,2011 | 01:10PM
livinginhawaii wrote:
Next time your at the pump take a look at the tax sticker to see how moch of what you spend is going to fuel our oversized government in Hawaii. Since ya'all voted in the incumbants in the last election, you must be cool with this.
on November 20,2011 | 01:22PM
false wrote:
on November 20,2011 | 01:25PM
hon2255 wrote:
No we're not cool about this, gas price gouging by Chevron in particular,has been going on for decades ,when prices here should be lower than many places in the mainland, our refineries are right here on Oahu,we don't have to truck or pipe in gasoline from a neighboring state, does Las vegas Nevada have a oil refinery within the state ..NO, yet prices there are 50 cents a gallon cheaper than Honolulu, take a look at Florida =central florida - no refineries there, yet prices 50-60 cents a gallon cheaper than here. Chevron and Tesoro are ripping us off, corporate Greed.
on November 20,2011 | 02:22PM
HonoluluHawaii wrote:
Not Chevron, the gouging is done by The State of Hawaii and The City and County of Honolulu.
on November 21,2011 | 02:50AM
serfboy wrote:
Don't forget the Federal government!
on November 21,2011 | 06:02AM
false wrote:
They get their share. I do not know the breakdown however if one tallied it for all States, I think it is well known that this is where Uncle Neil and Cousin Peter are looking at to fill their coffers. I heard that it takes $75,000 Singapore Dollars for a DEPOSIT just for the RIGHT to OWN an AUTOMOBILE. That type of a system would cut down on the number of vehicles on Oahu. I mean not as much as that, like maybe $10,000 deposit, to be refundable once a person does not own an automobile anymore, AND, to make it more sensible, have the money earning a small and nominal interest rate in a CD in a bank. That way when people get their money back, like in 40 years or so, the $10,000 would have grown well just a little. The $10,000 meanwhile could be a revolving fund that maybe the City could use to repair roads. The money eventually being returned to the rightful owner after the owner is done "DRIVING", that is, they retire from the roads. Kapish ????
on November 21,2011 | 04:33PM
serfboy wrote:
Don't forget to blame the federal government too!
on November 21,2011 | 06:04AM
Kuokoa wrote:
Drill for more oil in Alaska, build the pipeline from Canada. That will definitely reduce gasoline prices.
on November 20,2011 | 02:54PM
DonGa-me wrote:
Price of gas will go up if and when rail is built. Find a way to run cars on steam. Electric cars still need gas to run electrical generators.
on November 20,2011 | 02:54PM
serfboy wrote:
I recall hearing that the oil refineries on Oahu cannot or cannot be refitted to refine a certain type of crude. Is this true? If so, could the Star Advertiser staff please elaborate as to which type of crude Oahu refineries can use please? Is it Brent or WTI crude? Thank you.
on November 21,2011 | 06:01AM
hon2255 wrote:
they both make gasoline here locally,and yes Chevron is no fan of Hawaii workers, ask Frank Young former Chevron dealer,now independent shop, the gas retailers weren't making the money , it was Chevron with it's huge markups here, and it was shown this market was one of their most profitable in the nation, even with our lower population.
on November 21,2011 | 07:37AM
serfboy wrote:
I know about the info you provided. But it doesn't answer my question about the type of crude oil Oahu refineries can or cannot use. I know they produce gasoline, jet fuel, etc. but can they use both Brent crude and WTI?
on November 21,2011 | 07:40AM
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