Slide in crude-oil price reflected at isle pumps
POSTED: Thursday, October 09, 2008
The average price for a gallon of regular unleaded in Honolulu has dipped below the $4 mark for the first time since May.
A gallon of regular, self-serve on Oahu was $3.982 a gallon today. Gas hasn't been that low since May 29, when the Honolulu average was $3.979.
The statewide average also has crept closer to the $4 mark in the past few months, coming in at $4.107 a gallon today — about 12 cents lower than a week ago and its lowest point since May 30, according to AAA's Fuel Gauge Report.
Hawaii's prices — which have been on the decline for 10 straight weeks — have followed national trends in oil and gas prices.
Crude oil, which settled at $88.95 yesterday on the New York Mercantile Exchange, has now fallen about 40 percent since surging to an all-time record $147.27 a barrel on July 11.
In turn, falling oil prices have led to lower pump prices. A gallon of regular fell about 4 cents overnight to a new national average of $3.403 a gallon today, according to auto club AAA, the Oil Price Information Service and Wright Express.
That's 17.3 percent lower than the record national average of $4.114 set July 17, but well above the year-ago average of $2.765 a gallon. Still, should oil keep sliding, analysts say pump prices could fall back below $3 a gallon sometime next month.
Hawaii's prices surged to a record of $4.507 on July 31st and have slowly come down since then.
The lowest price in the islands yesterday was at Costco, where a gallon of regular unleaded sold for $3.54 a gallon at the wholesaler's Iwilei store.
Prices were down to $3.87 yesterday at other stations including Aloha Petroleum on Kailua Road and 76 at South King Street and Piikoi Street near Ala Moana, according to Honolulugasprices.com.
Motorists on Maui still were paying the highest prices for gas — $4.475 for a gallon of regular, self-serve unleaded in Wailuku, according to AAA. The average price in Hilo was $4.134 a gallon.
Hawaii's statewide average remains second-highest in the country, behind Alaska, at $4.107 a gallon.
The Associated Press contributed to this report.
Gas prices declining
The Honolulu average for a gallon of regular, self-serve unleaded was $3.982 today, the lowest since May 29. A look at average prices across the state and country:
| TODAY | LAST MONTH | LAST YEAR | |
| National | $3.403 | $3.652 | $2.765 |
| Hawaii | $4.107 | $4.334 | $3.212 |
| Honolulu | $3.982 | $4.238 | $3.098 |
| Wailuku | $4.475 | $4.680 | $3.567 |
| Hilo | $4.134 | $4.391 | $3.219 |
Source: AAA Fuel Gauge Report
