Saturday, April 23, 2011

Hawaii Sets Record High Gasoline Price

The average price of regular gasoline in Hawaii now is $4.53 per gallon, a record high, exceeding the price set in July 2008.

Six states plus the District of Columbia now have average prices above $4 per gallon.  Pennsylvania's average is $3.87 per gallon.

USA consumers have begun to cut their gasoline purchases, with demand down about 2% in the last 6 weeks.  But USA reductions of that amount don't dent the world oil market where rising global demand for oil continues.

Odds remain high that gasoline prices new normal will be closer to $4 than closer to $3.  Electric cars, compressed natural gas vehicles, and biofuels look better and better.

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