Drop In Oil, But Hawaii Price Still High
Demand for oil in the US dropped by as much as 800,000 barrels a day during the first six months of 2008. The figure represents the largest decline in 26 years. The Energy Information Administration which compiled the report, said that the drop in demand was caused by the sluggish US economy and the impact of high gas prices on drivers.
Global consumption of gas increased by a total of 1.3 million barrels per day across the same time period. Researchers at the energy department predict that consumption in the US will actually decrease in 2009, reaching levels not seen since 2003. Gasoline prices across the country are expected to be around $3.81 a gallon in the fourth quarter this year, compared with the record $4.11 reached in July. However, experts are expecting higher costs this winter.
Meanwhile, as prices on the mainland have dropped nearly 30 cents last month, prices at the pump in Hawaii have only fallen by about 3 cents. Don't expect relief anytime soon, however, as Hawaii's small market size, geographic isolation and lack of Mainland-type competition means that prices are quick to rise but very slow to fall.
Top's New Topics
Today's Access Ranking
Today's article
- Drop In Oil, But Hawaii Price Still High
- Police Seek Suspects In Shooting
- Suit Filed In Boys Death On Maui
- Honolulu Family Festival