Statewide average gas prices increase 9 cents


Average retail gasoline prices in Honolulu have risen 6.5 cents per gallon in the past week, averaging $3.42 per gallon on April 14, 2018, according to GasBuddy's daily survey of 214 gas outlets in Honolulu.

The nationwide average was $2.71 a gallon, up 18 cents from last month.

Meanwhile, the Energy Information Agency is reporting that crude oil production in the lower 48 states broke more records last week, topping 10 million barrels per day for the first time in recorded history. Tennessee gas prices are the most expensive since last September, when prices were recovering from Hurricane Irma. All regions saw gasoline inventories decline, however, with the exception of the East Coast, which saw a large 3 million barrel rise.

As recently as April 9, GasBuddy senior petroleum analyst Patrick DeHaan said: "As markets have seen concern rise of a possible trade war between the USA and China, oil prices have been hit hard, leading gas prices to dramatically slow their recent ascent".

"In the past few years, the average date that gas prices have peaked is mid-May, which is just around the corner, and by all metrics, that could be very close to what we expect this time around", DeHaan said.

If you've pulled up to a gas station in the last week, you've probably noticed that fuel costs are going up.

Look for already-high gas prices to spike following Friday's air strikes against Syria by the United States and its allies. The Florida average of $2.63 is the most expensive since February.

DeHaan said refinery maintenance has gone well so far, gasoline supply has continued to increase and the transition to summer gasoline supplies is nearly finished. The average gas prices had maxed out at about $2.76 per gallon two months ago.

New York City had a 5 cent increase in gases prices this week, with the average gas price coming in at $2.89 per gallon. "With the transition to summer gasoline also wrapping up, the reasons for gas prices to rise will shrink".