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Gas Pump Relief – May 20, 2011

According to AAA, the statewide average price for regular unleaded is $4.34 a gallon, 20 cents less than a week ago.

The average price in Honolulu is $4.21 per gallon, 22 cents less than last week, 17 cents less than a month ago and 76 cents higher than this time last year.

In Hilo, the average gas price is $4.24 a gallon, a quarter less than last week, 26 cents less than last month and 68 cents more than this time last year.

Kailua-Kona is still up around the $4.48 a gallon mark, with Costco being the exception at $4.33 a gallon.

Wailuku’s average is $4.78 a gallon, 12 cents less than last week, eight cents less than last month and 86 cents more than on this date last year.

I can only assume that Maui residents can look forward to another 8-10 cents/gallon drop in price, to at least keep in pace with the rest of the state, which has seen an average drop of 22 cents/gallon.   Granted, Maui County and the Kailua-Kona area are always among the highest in the state…and country.

But, before you start celebrating by running out and buying a new SUV or full-size pick-up truck, many analysts are forecasting that oil could easily rise back to $150-200/barrel in the next 1-2 years if things continue to remain unsettled or get worse in the middle-east.  Of course, that would send gas prices soaring to the $5.00+ a gallon mark.  We can only hope they’re wrong.

It always amazes me how it takes weeks for lower oil prices to filter down to the gas pumps, but any increase in oil shows up at the pump overnight.  And, in some products its hard to see any lowering at all, like motor oil.  It is hard to justify the $3.00+ they have been charging for a quart of oil, even when gas was down in the last year.



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