The statewide average of $2.77 a gallon for gasoline on Friday may not seem like a deal when mainland prices are below $2, but Chelsea Park will take it, especially as the holiday season arrives.

“;It will help a little bit,”; the Honolulu resident said as she put $10 of gas in her sedan at Lex Brodie's in Kakaako, where regular unleaded was $2.49 a gallon on Friday. “;I still think it's expensive, but it went down from last month, even last week.”;

Consider that just four months ago, on July 31, the statewide average reached a record high of $4.51 a gallon, according to AAA's Fuel Gauge Report.

Filling up a European sedan with a 16.4 gallon tank would have cost about $74 back then. Today, that same tank would run you about $45 - savings that could be put toward a modest dinner for two or perhaps an extra stocking stuffer.

“;It's not a whole lot, but it makes a difference,”; said Park.

Hawaii gas prices still have a way to go to catch mainland prices, which have fallen dramatically as the nation's economy has faltered.

Friday's national average of $1.84 marks a 75-cent drop in the past month alone and is down 41 percent from the $3.09 retailers were getting on average a year ago.

Hawaii's statewide average has dropped 61 cents this month. Friday's Honolulu average of $2.66 a gallon is down 59 cents for November, while the highest-priced gas, $3.16 a gallon on Maui, is down 67 cents.

Savings are even more dramatic for Costco shoppers. The wholesale retailer's Oahu prices are the lowest in the state at $2.04 a gallon.

The last time the Honolulu average was below $2 a gallon was Aug. 22, 2003, according to the Department of Business, Economic development and Tourism.

Today, Hawaii prices have fallen into the historic trend of mirroring mainland price swings, but at a higher rate and a few weeks' lag time.

The biggest influence in bringing down pump prices has been the cost of crude oil.

Oil prices fluctuated between $50 and $55 last week, pausing after a fall of more than 60 percent since reaching a record $147.27 in mid-July.

Grim economic data pointing to a severe recession in the United States in the fourth quarter and signs of slowing growth around the world kept prices from rebounding further.

“;The drop-off in demand is going to continue,”; said Jonathan Kornafel, Asia director at Hudson Capital Energy in Singapore. “;There's no reason for the market to rally.”;

Oil will likely trade below $50 a barrel and could test the $40 level by the end of the year, Kornafel said.

What that means for Hawaii prices is anyone's guess.

“;The retail gas prices always, eventually, follow crude oil costs,”; said Tupper Hull, a spokesman for the Western States Petroleum Association, a California-based trade association.

“;Really, the question is, how long does it last? Do they go back up? I don't think anybody knows the answer to that question.”;

Palolo resident Leona Ayers will enjoy the lower prices while they last.

Ayers used to spend about $50 when fueling up her Lexus sedan, but now spends about half that amount.

While she admits to keeping a closer eye on all her expenses, the fuel savings have led to one extra perk.

“;We go out to dinner a little bit more,”; she said.