Expert breaks down why gas prices are down in Hawaii
It's been a while since we've seen this -- gas prices consistently under $4 a gallon.
"$3.63 compared to $4-something. That's a lot!" said Sharon Busscher.
Across the state, Hawaii has seen a steady decline in fuel prices. Right now, the average in Honolulu is $3.84 a gallon, 16 cents less than last month and 14 cents less than this time a year ago.
"There are two main factors that are leading to the decrease in gas prices in Hawaii," said Shahriar Fesharaki from Facts Global Energy. "One is the decline in crude oil prices and the other is the re-entry of Par Petroleum, who took over the Tesoro refinery, therefore, renewing competitive pressure on the gasoline market."
Fesharaki's company specializes in tracking worldwide energy markets and trends. He says with more fuel-efficient cars, the demand for gas in the U.S. is down.
Also, recent international talks regarding Iran's nuclear program has helped the oil market.
"Now with Iran coming back to the table, that edge has been softened a bit," said Fesharaki.
Regardless of the reason, many Honolulu drivers are just thrilled to see these numbers at the pump go down and not up.
"Ah, I'm definitely happy it's a little bit lower," said Brett Wolfington-Floodman. "Each little bit is going to help."
Gas prices could continue to drop. Our energy expert says gas prices could drop another 20 cents in the next six months.
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