Hawaii's retail gas prices stay high as crude prices ease
Hawaii's retail gas prices stay high as crude prices ease
- 2004-06-14 - Pacific Business News (Honolulu)
Crude oil prices have fallen about 10 percent in recent days, and wholesale fuel prices are also lower, but Hawaii gas prices are still very close to their all-time highs logged in May.
The daily retail price surveys by AAA are based on the last credit card receipts of the day at gas-and-go stations in three Hawaii locales:
Honolulu: $2.25 2/10. A month ago it was $2.11 and a year ago it was less than $1.97. The current price is just two tenths below the all-time high registered on May 28.
Hilo: $2.36 9/10. A month ago it was less than $2.24 and a year ago it was less than $2.12. Higher blends are now above $2.50 a gallon in Hilo, where prices are much lower than on the Kona side of the Big Island.
Wailuku: $2.65 6/10. A month ago it was less than $2.42 and a year before, before imposition of an additional five cent per gallon local gas tax, it was about $2.26. Premium is over $2.85 in Wailuku, where prices are much lower than those to be found in Hana, or on Lanai, Molokai or in parts of Kauai.
In the news background, Indonesian Energy Minister Purnomo Yusgiantoro, the current president of OPEC, says "unpredictable" factors like terrorist attacks on pipelines continue to affect oil prices more than actual supply and demand. Hawaii gas prices remain near all-time highs as a result.
"There will be an increase in demand of 2 million barrels a day as we enter summer, but we will increase production," Yusgiantoro said after OPEC ministers voted to raise their production ceilings to 26 million barrels per day. "We hope (prices) will go down again but it depends on the effects of non-fundamental factors because those are unpredictable."
U.S. analysts have generally made the same point, that there is adequate supply to meet demand, but trades are bidding more for contracts for future delivery of oil in case terrorists, whose repeated attacks on oil supplies have had only minor effects, somehow manage to achieve greater disruption.
Expensive crude oil has put pressure on the airlines serving Hawaii. One of the locally-based carriers, Hawaiian, now buys fuel in Japan because it is cheaper to buy it there and ship it here than to buy it from Hawaii refiners. This decision should be of interest to Chevron Texaco and Tesoro Petroleum, owners of the state's two refineries, who refine more jet fuel than gasoline here.
- 2004-06-14 - Pacific Business News (Honolulu)
Crude oil prices have fallen about 10 percent in recent days, and wholesale fuel prices are also lower, but Hawaii gas prices are still very close to their all-time highs logged in May.
The daily retail price surveys by AAA are based on the last credit card receipts of the day at gas-and-go stations in three Hawaii locales:
Honolulu: $2.25 2/10. A month ago it was $2.11 and a year ago it was less than $1.97. The current price is just two tenths below the all-time high registered on May 28.
Hilo: $2.36 9/10. A month ago it was less than $2.24 and a year ago it was less than $2.12. Higher blends are now above $2.50 a gallon in Hilo, where prices are much lower than on the Kona side of the Big Island.
Wailuku: $2.65 6/10. A month ago it was less than $2.42 and a year before, before imposition of an additional five cent per gallon local gas tax, it was about $2.26. Premium is over $2.85 in Wailuku, where prices are much lower than those to be found in Hana, or on Lanai, Molokai or in parts of Kauai.
In the news background, Indonesian Energy Minister Purnomo Yusgiantoro, the current president of OPEC, says "unpredictable" factors like terrorist attacks on pipelines continue to affect oil prices more than actual supply and demand. Hawaii gas prices remain near all-time highs as a result.
"There will be an increase in demand of 2 million barrels a day as we enter summer, but we will increase production," Yusgiantoro said after OPEC ministers voted to raise their production ceilings to 26 million barrels per day. "We hope (prices) will go down again but it depends on the effects of non-fundamental factors because those are unpredictable."
U.S. analysts have generally made the same point, that there is adequate supply to meet demand, but trades are bidding more for contracts for future delivery of oil in case terrorists, whose repeated attacks on oil supplies have had only minor effects, somehow manage to achieve greater disruption.
Expensive crude oil has put pressure on the airlines serving Hawaii. One of the locally-based carriers, Hawaiian, now buys fuel in Japan because it is cheaper to buy it there and ship it here than to buy it from Hawaii refiners. This decision should be of interest to Chevron Texaco and Tesoro Petroleum, owners of the state's two refineries, who refine more jet fuel than gasoline here.
posted by DP at 2:14 PM
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