HONOLULU – Average retail gasoline prices in Honolulu have fallen 4.9 cents per gallon in the past week, averaging $3.98/g yesterday, according to GasBuddy’s daily survey of 214 gas outlets in Honolulu. This compares with the national average that has fallen 5.9 cents per gallon in the last week to $3.30/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Honolulu during the past week, prices yesterday were 26.9 cents per gallon lower than the same day one year ago and are 16.5 cents per gallon lower than a month ago. The national average has decreased 13.3 cents per gallon during the last month and stands 26.4 cents per gallon lower than this day one year ago.
“Last week saw new downward momentum in crude prices- after staying above $100/bbl for 111 days since early July, crude prices fell below $100 and just days ago closed as low as $96/bbl,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “In turn, the sudden drops in crude prices have pushed gasoline futures down as well, with motorists on the winning side of this all. The national average has picked up some steam on it’s downward trend and in some areas of the U.S., the wholesale price of gasoline is nearing yearly lows, which is adding up to significant savings for motorists. Americans are spending over $100 million per day less on gasoline than they did a year ago, and I’m willing to bet if every motorist used the GasBuddy app, the savings would be twice as significant,” 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.