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The Honolulu Advertiser
Updated at 12:58 p.m., Friday, December 26, 2008

Hawaii gas prices fall for 13th straight week

Advertiser Staff

Hawai'i gasoline prices edged lower as the cost to fill up declined for the 13th consecutive week.

While prices continued to fall, the amount of the descent narrowed compared to prior weeks, AAA Hawaii reported. As of last night the average price for a gallon of regular was $2.362 here, or 4 cents lower than a week earlier.

The decline contrasted with a rise in the price nationally, though Hawai'i continues to sport the second highest average statewide price, trailing only Alaska's $2.531. Prices have fallen as crude oil prices have dropped from record highs during the summer, though prices are starting to rise again as OPEC seeks to curb supply.

"Local prices have continued dropping despite the fact that Mainland prices increased again this past week by more than 6 cents a gallon," said Richard Velazquez, AAA Hawaii regional manager, in a press statement.

The national average of $1.642 a gallon is about 45 percent lower than it was a year earlier. By comparison, Hawaii's average is down 32 percent from a year ago.

The AAA also reported that:

- Honolulu's average fell to $2.265, about 3 cents lower than a week earlier.

- Hilo's price was down to $2.47, down about 1 cent.

- Wailuku's average declined to $2.663, or about 10 cents lower.

The price report is collected from fleet vehicle credit-card transactions and represents the combined averages of the last card swipe of Thursday. AAA does not survey Kaua'i prices.

Crude oil for February delivery rose Friday on the New York Mercantile Exchange to $37.71, Bloomberg News reported. Analysts are projecting oil prices may fall again, though, because of faltering demand.

Bloomberg said 13 of 28 analysts it surveyed said prices will decline in the coming week.