News Release from DBEDT

State's April 2012 Monthly Energy Trends Report has just been released by the Department of Business, Economic Development and Tourism.

LINK: FULL TEXT PDF

Highlights for April 2012’s Monthly Energy Trends

· Crude Oil Costs:

In April 2012, crude oil price decreased both from the same month last year and from the previous month. Crude oil price at the New York Mercantile Exchange averaged $103.35 per barrel in April 2012 which was 6.1% lower compared to the same month last year. Crude oil price was down $2.86 per barrel or 2.7% from March 2012. Year‐to‐date (January to April), the price of crude oil was 5.0% higher compared to the same period last year.

· Refinery Processing:

According to the most recent data available, Hawaii’s refineries imported 2.3 million barrels of foreign crude oil in February 2012, down 588,000 barrels or 20.2% from the same month last year. In February 2012, foreign crude oil imports decreased 2.2 million barrels or 48.6% from January 2012.

· Gasoline Pricing:

In April 2012, regular gasoline price increased although the crude oil price decreased. The national average price for regular gasoline was $3.886 per gallon, up $0.081 per gallon or 2.1% from the same month last year; and up $0.051 per gallon or 1.3% from March 2012.

In April 2012, Hawaii’s price for regular gasoline averaged $4.607, which was $0.721 per gallon or 18.6% higher than the national average for the same month.

Hawaii’s April 2012 price for regular gasoline increased $0.146 per gallon or 3.3% from the same month last year, and increased $0.133 per gallon or 3.0% from March 2012. In April 2012, the average regular gasoline prices within the State were as follows: Kauai, $4.860; Oahu, $4.473; Wailuku, $4.861; and Hilo, $4.746.

· Diesel Fuel Pricing:

The April 2012 national average price for diesel was $4.137 per gallon which was an increase of 1.1% from the same month a year ago and an increase of $0.012 or 0.3% from March 2012. In Hawaii, the average price for diesel in April 2012 was $4.996 per gallon which was $0.859 per gallon or 20.8% higher than the national average.

Hawaii’s April 2012 average price for diesel increased $0.213 per gallon or 4.5% from the same month last year, and increased $0.035 per gallon or 0.7% from March 2012. In April 2012, the average prices per gallon for diesel among Hawaii’s market were as follows: Kauai, $5.137; Oahu, $4.831; Wailuku, $5.149; and Hilo, $5.151.

· Gasoline Consumption:

Hawaii’s statewide consumption for gasoline, as measured by the gasoline tax base, decreased 15.7% in February 2012 from the same month a year ago. A total of 36.0 million gallons of gasoline was consumed in February 2012, of which 54.3% was consumed in the City and County of Honolulu, 13.5% in Maui County, 25.8% in Hawaii County; and 6.5% in Kauai County.