Hawaii gas declines accelerate

Gasoline prices experienced another week of double-digit declines again throughout Hawaii and dropped another 20 cents a gallon in Honolulu. The statewide average also declined by 23 cents to $3.43 a gallon for regular unleaded, according to AAA.

Yesterday's average price in Honolulu was $3.34 a gallon for regular unleaded, 78 cents less than last month, and 26 cents higher than this time last year. In Hilo, the average price was $3.60 a gallon, 66 cents less than last month, and 41 cents higher than last year. The average price in Wailuku was $3.78 a gallon, down 79 cents from last month, and 26 cents higher than last year.

“;This is our fifth week of double-digit declines,”; AAA Hawaii Regional Manager Richard Velazquez said in a statement. “;The acceleration of the price declines mirrors the mainland's experience and is due to a continued drop in demand worldwide, which has forced oil prices down.”;

Alaska Airlines starts Maui service

Seattle-based Alaska Airlines said yesterday it has started seasonal service between Anchorage and Kahului. The flights, which operate three days a week, continue through April 25.

Flights from Anchorage will depart Friday, Saturday and Sunday at 2:20 p.m. Alaska time and arrive at 6:35 p.m. Hawaii time. Return flights will depart Friday, Saturday and Sunday at 8:45 p.m. Hawaii time and arrive at 5 a.m. Alaska time. Some flight times will adjust one hour during Daylight Savings Time, which starts tomorrow.

The new flights are operated with Boeing 737-800 aircraft, accommodating 16 passengers in first class and 141 in the main cabin. All flights to Hawaii offer Hawaiian-themed beverage and meal service.

Target, Safeway to lease Hilo land

The Department of Hawaiian Home Lands said yesterday it has selected Safeway Inc. and Target Brands Inc. to lease a 15.5-acre commercial property in Hilo. The stores are expected to generate $18.1 million in revenue during the next 25 years to build more affordable housing for native Hawaiians, the statement said.

The commercial leases are part of DHHL's plans to keep the department self-sufficient.

The final lease will be negotiated over the next three months. The 65-year lease is fixed for the first 25 years and then renegotiated for the remainder of the term. The first 10 years of the lease are set at $568,460 a year, and the subsequent five-year periods are $727,686, $823,304, and $931,486 annually.

Cyanotech names new executive

Cyanotech Corp., a microalgae nutrients company, said yesterday it has named Deanna Spooner as vice president, finance and administration, chief financial officer, secretary and treasurer effective Nov. 14. She succeeds William R. Maris, who has accepted a CFO position with another company.

Spooner joined Cyanotech as controller in January. She previously worked in Hawaii as a financial consultant to commercial enterprises.