Horizon, Pasha lower surcharges

One day after their largest competitor, Matson Navigation Co., slashed its fuel surcharge, Horizon Lines and Pasha Hawaii Transport Lines followed suit in the wake of plunging fuel prices.

Horizon Lines notified customers yesterday that it was cutting its fuel surcharge for its Hawaii-mainland routes by 6 percentage points to 27 percent from 33 percent, effective tomorrow. The cut matches the fuel-surcharge decrease of 6 percentage points to 27 percent that Matson announced yesterday that also goes into effect tomorrow.

The state's second-largest ocean shipper also said it was reducing its fuel surcharge for its mainland service to Guam /Commonwealth of the Northern Mariana Islands by 6 percentage points to 28.5 percent from 34.5 percent.

Pasha Hawaii, which ships vehicles between Hawaii and San Diego, also is reducing its fuel surcharge 6 percentage points—to 24.5 percent from 30.5 percent—effective tomorrow.

Hawaii gas prices keep dropping

Gasoline prices continued falling in Hawaii this past week with the state's average price for regular unleaded declining 17 cents to $3.90 from a week earlier, according to AAA.

Honolulu's average price yesterday was $3.76, down 44 cents from a month ago but up 67 cents over the last year. In Hilo, the average price was $3.92, off 45 cents from a month ago but up 63 cents from a year ago. And in Wailuku, the average price was $4.28, down 33 cents from a month ago but up 80 cents from a year ago.

Statewide, the average price was off 42 cents from a month ago but up 70 cents from a year ago.

Nationally, the average price was $3.04, down 82 cents from a month ago but up 25 cents from a year ago.

NATION

Buffett advocates buying stocks

Warren Buffett said he's buying U.S. stocks and, if prices stay attractive, his personal investments—distinct from his stake in Berkshire Hathaway Inc.—soon will be wholly in American equities.

Writing in the New York Times yesterday, the Berkshire chairman and chief executive officer said he's following the principle: be fearful when others are greedy, and greedy when others are fearful.

Exaggerated concern about the long-term prosperity of financially secure U.S. companies is foolish, and most probably will be setting profit records in years to come, Buffett said.

While short-term stock movements can't be foretold, the likelihood is that the market will recover before the economy or general investor sentiment do so, and “;if you wait for the robins, spring will be over,”; he said.

Referring to the 1930s Depression, Buffett pointed out that the Dow reached its nadir on July 8, 1932; economic conditions continued to deteriorate until Franklin Roosevelt became president in March 1933, and by that time the market had climbed 30 percent.

Bad news, Buffett concluded, is an investor's best friend, for it enables you to buy “;a slice of America's future at a marked-down price.”;