Gasoline prices make a big jump at the pump - Hawaii News Now - KGMB and KHNL

Gasoline prices make a big jump at the pump

Dr. Fereidun Fesharaki Dr. Fereidun Fesharaki
Radiant Cordero Radiant Cordero
Andrew Yani Andrew Yani
Bill Green Bill Green

By Ben Gutierrez - bio | email

HONOLULU (HawaiiNewsNow) - Gasoline prices in Hawaii have been going up, with the highest spike in Honolulu.

According to the AAA's Fuel Gauge Report, the average price for a gallon of regular gasoline in Honolulu was $4.10, compared to $3.92. Hilo prices were up 16 cents to just under $4.42 per gallon. Prices in Wailuku, Maui, only rose a nickel, but it's still not a bargain at $4.42.

When a fuel truck came to Kahala Shell Friday morning, the new shipment of gasoline came with a higher price. A gallon of regular was $4.15, up five cents from the day before.

It's the same story for gas stations around the state because of events halfway around the world.

"The reason for the recent prices is the problems of sanctions with Iran, the Iranians saying now they will sanction Europe," said Dr. Fereidun Fesharaki, a internationally noted energy expert at the East-West Center. "So it's given a jolt to the market. The price jumped a few dollars a barrel."

The price keeps going up even though there's a big supply of crude oil, and even though he demand for gasoline goes down as people drive less.

"Sometimes we even carpool," said Radiant Cordero, who's a student at the University of Hawaii at Manoa. "A lot of the students are complaining about it as well."

"My wife and I think about it twice before we drive out to the North Shore and back, or I go out with the boys and everybody ponies up for the gas," said Andrew Yani as he filled up his pickup truck.

Yani said he hears complaints about the high fuel prices from his customers at his solar power business, and there are often complaints about how Hawaii has the highest gas prices in the nation. But Fesharaki said we in Hawaii should think more about Asia. "Comparing our prices with the mainland or Texas or Louisiana or California is in error," he said. "We need to compare our prices with Japan, Korea and Singapore because that is where our crude comes from. We don't get one drop of oil from the U.S."

That reflects the price that refiners in Hawaii will pay. "They have to pay the crude price based on whatever the crude price is today, an they have to buy it way ahead of time because you can't buy something out of Asia or wherever you get it in the world and get it here tomorrow," said Bill Green of Kahala Shell.

Fesharaki said we have adjusted to the higher prices, and will continue to adjust. "Two years ago, four dollars a gallon would have been a shocker. But now, kind of, people aren't happy, but they pay it."

"I think when we hit five, it's gonna be another wake up call for the state," Yani said. "We really need to look at alternative ways to bring energy to the state in general."

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