Gas prices plunge - Hawaii News Now - KGMB and KHNL

Gas prices plunge

HONOLULU (HawaiiNewsNow) -

Usually on Labor Day weekend gasoline prices soar, but this year they're the lowest in a decade.

"We're happy that it's under three bucks a gallon, customers are happy, we're happy," said Barney Robinson, owner of the Chevron station on Nuuanu Avenue.

According the the AAA, the average price for a gallon of gasoline in Honolulu is $2.87, compared to $4.22 a year ago.

In Hilo, the price for a gallon of gas is down to $2.95, from $4.11 a year ago.

A gallon of gas in Wailuku, Maui now costs $3.41, compared to $4.43 in 2014.

For consumers, it's a welcome relief.

"It makes a big difference because I travel a lot between here and Laie and also in town," said Laie resident Arlene Fa.

Joshua Michaelson of Kakaako added while filling up a diesel truck:

"This thing probably fills up with 40 bucks. I just put $20 in it and got the same as I used to a year ago. It just seems that prices are better than a year ago."

The reason? Crude oil prices have plunged from more than 100 dollars a barrel a year ago to about 46 dollars today.

"We have a tremendous glut," said Jeffrey Pelton, senior petroleum analyst with GasBuddy.com.

Pelton said the large supply combined with motorists driving fewer miles during the winter will mean continued low gas prices for the rest of the year

"You can look to see gas prices drop anywhere from 10 to 12 cents a month," he said.

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