Gas prices to drop below $4 - Hawaii News Now - KGMB and KHNL

Gas prices to drop below $4

HONOLULU (HawaiiNewsNow) -

The cost to fill 'er up is coming down.

Over the past year, the price for a gallon of gas in Honolulu has dropped 30 cents to $4.03, according to AAA Hawaii. In some stations like the Kaimuki Auto Repair and Aloha Petroleum in Kahala, the price has gone below $4.00.

"Prices have dropped and they continue to move lower in the weeks ahead," said Patrick DeHaan, senior petroleum analyst with GasBuddy.com in Chicago.

"I think Honolulu prices should move under four dollars in the next week prices for the rest of the year should remain in the upper 3 dollars."

 According to AAA, the statewide average is down 29 cents from a year ago to $4.12. In Wailuku, it's fallen 20 cents to $4.35 while the price of gas in Hilo is down 34 cents a gallon to $4.10.

"For the past few weeks, as you've noticed, it's been going down little by little. For a week and a half, two weeks, it's been under $4," said Alan Nakamura, owner of Kaimuki Auto Repair.

The lower prices are a big hit with consumers. For instance, a year ago it about $91 to fill up a Nissan Frontier truck. But filling up that same truck today will cost about $85.

"I can spend more of the money I was using for other things. Lower gas is always a good thing especially here in Hawaii where we're constantly driving," said Skye Kaupiko of Hawaii Kai.

Hawaii News Now asked former gasoline station owner Bill Green why prices are falling.

"The supply of crude is the thing that drives the price and its price of crude that's been going down steadily for the past two or three weeks," said Green.

But analysts do warn that if the supply of crude is disrupted in any way, gasoline prices could go up again.

Copyright 2013 Hawaii News Now. All rights reserved.

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