Sunday, April 17, 2011

Gas Prices Slow Upward Rise, and the Reason Is?

So what’s your best guess on what’s driving up the cost of oil? The experts can’t agree, so your shot could be as good as any other.

Is it the Middle East/North Africa unrest, or the rising demand in China/India, the reduced worldwide inventories, the summer driving season just ahead, international oil futures speculators, local retailers, all of them or something else?

Oil prices have actually leveled off and are down from their highs in early April, but gas prices continue to inch upward, although the curve is flattening.

Hawaii’s statewide average for regular gas had been rising 10 to 12 cents per week until this past week. On Saturday April 13, the price was $4.412; today it’s $4.482, according to the AAA.

So for whatever reason, the daily price increases haven't been as much in recent days, and our prediction of hitting a new Hawaii price record on tax day was off. Nevertheless, we’re only 2.5 cents below Hawaii’s all-time record of $4.507.

The local media have started reporting what Yes2Rail has been noting for the past month – that high gas prices push drivers to become transit and carpool riders. According to Oahu Transit Services, which operates TheBus, bus pass sales are increasing, and we’ll know the full extent in a couple weeks.

Need we keep repeating this? Honolulu rail will be a perfect fit for budget- and time-conscious Oahu residents with convenient access to the 20-mile system when it’s fully operational in eight years.

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