Price of fuel trickling down


POSTED: Saturday, October 04, 2008

The downward trend in Hawaii's pump prices continued for a 10th straight week, as the least expensive gasoline in the state fell by more than a dime overnight and other stations also started to go below the $4-a-gallon mark.






        A look at prices per gallon for regular, self-serve unleaded in Hawaii and across the country:




National average
Yesterday: $3.58
Last month: $3.68
Last year: $2.78
Hawaii average
Yesterday: $4.21
Last month: $4.36
Last year: $3.22
Honolulu average
Yesterday: $4.09
Last month: $4.28
Last year: $3.10



        Source: AAA Fuel Gauge Report



At Costco in Iwilei, a gallon of regular unleaded was down to $3.73 a gallon yesterday, the first time it had been that low since May. The price was 11 cents less than the day before.

Several other stations across Oahu had priced regular unleaded at $3.99 a gallon, according to

According to, other stations below $4 yesterday were Ewa Repair Shop in Waipahu, $3.98; Tony's (down the street from Costco), $3.99; Lex Brodie's Kakaako, $3.99 (cash price); Tesoro, Kamehameha Highway, Haleiwa, $3.99; 7-Eleven in Haleiwa, Pearl City, Moiliili, $3.99; Aloha Petroleum in Kaimuki, Mililani, downtown Honolulu and Waikiki, $3.99.

“;The declines this week were more than the few cents a week that we saw previously over the past two months,”; Richard Velazquez, AAA Hawaii regional manager, said in a news release.

Although Hawaii's statewide average of $4.21 a gallon still ranked second highest in the country, the price was down 7 cents from a week ago and at its lowest point since June 10. Alaska, the only other state still above $4 a gallon, had the priciest gas in the country at $4.23 a gallon. Georgia was third at $3.88, according to AAA's Fuel Gauge Report.

Yesterday's national average was $3.58 a gallon, 2 cents less than the previous day and 10 cents down from a week ago.

Meanwhile, crude oil, the main component in the price of a gallon of gasoline, settled at $93.88 a barrel, its lowest point since mid-September.

Crude oil could fall further next week on concern that lower economic growth will curb fuel demand in the United States, the world's biggest energy-consuming country.

Seventeen of 31 analysts surveyed by Bloomberg News, or 55 percent, said prices will decrease through Oct. 10, the most bearish response since the week ended June 6. Seven respondents, or 23 percent, said oil will rise and seven said prices will be little changed. Last week 48 percent expected futures to decline.

“;There are three reasons oil prices are going lower,”; said Adam Sieminski, Deutsche Bank's chief energy economist, in Washington, “;the economy, the economy and the economy.”;


Bloomberg News Service contributed to this report.