Honolulu Weekly Gas Price Update and Outlook – March 15, 2010

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HONOLULU, HAWAII – Average retail gasoline prices in Honolulu have risen 5.3 cents per gallon in the past week, averaging $3.37/g today. This compares with the national average that has increased 3.6 cents per gallon in the last week to $2.78/g, according to gasoline price website http://www.HonoluluGasPrices.com

Including the change in gas prices in Honolulu during the past week, prices today are $1.00/g higher than the same day one year ago and are 6.7 cents per gallon higher than a month ago. The national average has increased 16.7 cents per gallon during the last month and stands 88.2 cents per gallon higher than this day a year ago.

“We’re starting off March like a lion with little hope of it going out like a lamb”, said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst. “While conventional wisdom tells us demand will increase as we move towards warmer weather, it appears that gasoline price increases have easily outpaced any potential increases in demand thus far. On that note, I expect most of the country to flirt with prices near or over $3/gallon come Memorial Day, with the exception of California, where prices will average near $3.35/gallon”, he adds. DeHaan goes on to say that the only bright spot for motorists this year is that plenty of spare refining capacity and lower gasoline demand than years prior will keep gasoline prices from rising to record highs.

‘About HonoluluGasPrices.com: GasBuddy.com operates over 200 live gasoline price-tracking websites, including HonoluluGasPrices.com. GasBuddy.com was named one of Time magazine’s 50 best websites and to PC World’s 100 most useful websites of 2008.’

‘Patrick DeHaan is a Senior Petroleum Analyst, GasBuddy.com – reach him at mailto:pdehaan@gasbuddy.com/’

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