by Howard Dicus
Crude oil prices eased Monday in Singapore after briefly touching $78 a barrel in New York last week. Hawaii gas prices also eased slightly.
Honolulu gas prices were down 3 cents a gallon from a month ago, while Neighbor Island prices were down fractionally. Since retail prices lag wholesale prices by 45 to 75 days, the slight easing at the pump is not related to the Monday correction on crude markets. In any event, analysts say the overall trend remained upward.
Concern about continuing Middle East uncertainty drove down stock markets in Hong Kong, Sydney and Auckland, though the Tokyo and Seoul markets were closed for holidays Monday. Oil traders said they still are worried about an interruption to the oil flow from Iran, now the world's second largest oil producing state. "This would be the worst scenario in which oil prices would exceed all boundaries, namely the $100 per barrel level," Jassem Al-Saadoun told the Kuwait News Agency Sunday.
The AAA national average price Monday morning was $2.96 4/10, up more than 8 cents a gallon over the past month. Hawaii is one of 15 states with average prices above $3 a gallon. AAA self-serve regular gasoline price averages across the islands Monday morning:
- Honolulu: $3.25 6/10, down almost 3 cents from a month ago.
- Hilo: $3.47 1/10, down three-tenths of a cent from a month ago.
- Wailuku: $3.60 5/10, down seven-tenths of a cent from a month ago.
West Coast comparisons:
- Seattle: $3.07 4/10.
- Portland: $2.91 4/10.
- San Francisco: $3.25 1/10.
- Santa Barbara: $3.41 7/10.
- Los Angeles: $3.28 7/10.
- San Diego: $3.31 6/10.
And farther inland:
- Las Vegas: $2.98 6/10.
- Phoenix: $2.93 3/10.
On the other coast:
- New York: $3.28 8/10.
- Washington, D.C.: $3.20 5/10.
According to consumer reports to HonoluluGasPrices.com prices on Oahu ranged from a low of $3.09 at Costco to a high of $3.39 at a Union station near the airport. And HawaiiGasPrices.com reported Neighbor Island prices from a low of $3.29 at the Kona Costco to prices in the $3.60-$3.70 range in the more populous areas of Maui and Kauai.
Hawaii recently adopted a requirement that 10 percent of gasoline be ethanol, which is produced agriculturally rather than from oil. Ethanol is being imported, the same as oil, but plans are in the works for ethanol plants in all four major counties, mostly for burning sugar cane plant biomass. But it doesn't have to be made from sugar cane, which may eventually prove not to be Hawaii's most efficient biomass crop.
"That's the big issue with sugar cane right now," said Darren Kimura, founder and CEO of Honolulu-based Energy Industries, whose 12 offices worldwide advise clients on how to save energy. "Some biofeed crops can produce ethanol quicker than sugar cane typically can, and the right crops can get us to the point where we can become energy self-sufficient."
Some Mainland states are going from E10 -- gasoline with 10 percent ethanol -- to E85, with only 15 percent gasoline. Brazil, one of the 10 most populous nations, has gone over entirely to an ethanol-based fuel system. Kimura said energy efficiency can be a faster energy solution than developing alternative means of power generation or fuel production simply because it can be done fast. "You can walk down the street and see an energy-efficient lighting system and talk to the business owner and understand how it's working for them."
Reach Howard Dicus at hdicus@bizjournals.com
Crude oil prices eased Monday in Singapore after briefly touching $78 a barrel in New York last week. Hawaii gas prices also eased slightly.
Honolulu gas prices were down 3 cents a gallon from a month ago, while Neighbor Island prices were down fractionally. Since retail prices lag wholesale prices by 45 to 75 days, the slight easing at the pump is not related to the Monday correction on crude markets. In any event, analysts say the overall trend remained upward.
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Concern about continuing Middle East uncertainty drove down stock markets in Hong Kong, Sydney and Auckland, though the Tokyo and Seoul markets were closed for holidays Monday. Oil traders said they still are worried about an interruption to the oil flow from Iran, now the world's second largest oil producing state. "This would be the worst scenario in which oil prices would exceed all boundaries, namely the $100 per barrel level," Jassem Al-Saadoun told the Kuwait News Agency Sunday.
The AAA national average price Monday morning was $2.96 4/10, up more than 8 cents a gallon over the past month. Hawaii is one of 15 states with average prices above $3 a gallon. AAA self-serve regular gasoline price averages across the islands Monday morning:
- Honolulu: $3.25 6/10, down almost 3 cents from a month ago.
- Hilo: $3.47 1/10, down three-tenths of a cent from a month ago.
- Wailuku: $3.60 5/10, down seven-tenths of a cent from a month ago.
West Coast comparisons:
- Seattle: $3.07 4/10.
- Portland: $2.91 4/10.
- San Francisco: $3.25 1/10.
- Santa Barbara: $3.41 7/10.
- Los Angeles: $3.28 7/10.
- San Diego: $3.31 6/10.
And farther inland:
- Las Vegas: $2.98 6/10.
- Phoenix: $2.93 3/10.
On the other coast:
- New York: $3.28 8/10.
- Washington, D.C.: $3.20 5/10.
According to consumer reports to HonoluluGasPrices.com prices on Oahu ranged from a low of $3.09 at Costco to a high of $3.39 at a Union station near the airport. And HawaiiGasPrices.com reported Neighbor Island prices from a low of $3.29 at the Kona Costco to prices in the $3.60-$3.70 range in the more populous areas of Maui and Kauai.
Hawaii recently adopted a requirement that 10 percent of gasoline be ethanol, which is produced agriculturally rather than from oil. Ethanol is being imported, the same as oil, but plans are in the works for ethanol plants in all four major counties, mostly for burning sugar cane plant biomass. But it doesn't have to be made from sugar cane, which may eventually prove not to be Hawaii's most efficient biomass crop.
"That's the big issue with sugar cane right now," said Darren Kimura, founder and CEO of Honolulu-based Energy Industries, whose 12 offices worldwide advise clients on how to save energy. "Some biofeed crops can produce ethanol quicker than sugar cane typically can, and the right crops can get us to the point where we can become energy self-sufficient."
Some Mainland states are going from E10 -- gasoline with 10 percent ethanol -- to E85, with only 15 percent gasoline. Brazil, one of the 10 most populous nations, has gone over entirely to an ethanol-based fuel system. Kimura said energy efficiency can be a faster energy solution than developing alternative means of power generation or fuel production simply because it can be done fast. "You can walk down the street and see an energy-efficient lighting system and talk to the business owner and understand how it's working for them."
Reach Howard Dicus at hdicus@bizjournals.com
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