Published: Mon, April 16, 2018
Finance | By Loren Pratt

Hawai'i Gas Prices Rise 6.5 Cents Per Gallon

Hawai'i Gas Prices Rise 6.5 Cents Per Gallon

A gallon of regular unleaded dropped in price by 1.1 cents over the last week to $2.54 a gallon while gas prices in the rest of the country went up by five cents. Month over month, the price is up almost 18 cents a gallon and is about 30 cents a gallon higher year over year. The New York State average is $2.82 this week, up six cents from last week and 30 cents more than this time previous year.

"With the national average gas price now at its highest since July 26, 2015, I can't immediately allay all fears of a continued spike in gas prices, however, we're likely in the closing innings of the seasonal rise", DeHaan said.

Data released from the Energy Information Administration last week showed a 3.3 million barrel rise in crude oil inventories and a small 500,000 barrel rise in gasoline inventories as refiners increased inputs to 93.5% of capacity.

What's worse? While analysts are predicting a 15-cent surge this week, "Prices could rise even more, depending on how the crude market responds to the latest news of a USA missile strike over the weekend", AAA spokesman Mark Jenkins said.

The AAA Auto Club said today that pump prices will get even more expensive this week and will likely rise to the highest level in more than two years, due to rising geopolitical tensions in the Middle East.

DeHaan said refinery maintenance has gone well so far, gasoline supply has continued to increase and the transition to summer gasoline supplies is nearly finished.

New York City had a 5 cent increase in gases prices this week, with the average gas price coming in at $2.89 per gallon. Tennessee gas prices are the most expensive since last September, when prices were recovering from Hurricane Irma.

If you've pulled up to a gas station in the last week, you've probably noticed that fuel costs are going up. "With the transition to summer gasoline also wrapping up, the reasons gas prices to rise will shrink".

$3.06/g in 2017, $2.60/g in 2016, $3.08/g in 2015, $4.31/g in 2014 and $4.38/g in 2013.

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