Average retail gasoline prices in Honolulu have fallen 0.5 cents per gallon in the past week, averaging $4.18/g yesterday, according to GasBuddy’s daily survey of 214 gas outlets in Honolulu. This compares with the national average that has fallen 0.5 cents per gallon in the last week to $3.49/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Honolulu during the past week, prices yesterday were 4.9 cents per gallon higher than the same day one year ago and are 5.4 cents per gallon lower than a month ago. The national average has decreased 14.4 cents per gallon during the last month and stands 7.8 cents per gallon higher than this day one year ago.
“After blaming higher gasoline prices on refineries for much of the early spring and summer, it now seems that higher oil prices may be to blame for an expected up tick in the national average,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “Oil prices have silently been tracking higher after tension in Egypt started to impact the market, driving oil prices higher. In turn, gasoline prices have begun to stage a rally as well. Oil closed last week at its highest level in over a year, and it may lead to a gentler rally in retail gas price than what we saw earlier this year, but a rally none the less,” DeHaan said.
GasBuddy operates HonoluluGasPrices.com and over 250 similar websites that track gasoline prices at over 140,000 gasoline stations in the United States and Canada. In addition, GasBuddy offers a free smartphone app which has been downloaded over 25 million times to help motorists find the lowest gasoline prices in their area.