· Crude Oil Costs:
In October 2012, crude oil price increased from the same month last year but decreased from the previous month. Crude oil price at the New York Mercantile Exchange averaged $89.57 per barrel in October 2012 which was 3.6% higher compared to the same month last year. Crude oil price was down $4.99 per barrel or 5.3% from September 2012. Year-to-date (January to October), the price of crude oil was 1.0% higher compared to the same period last year.
· Refinery Processing:
According to the most recent data available, Hawaii’s refineries imported 2.5 million barrels of foreign crude oil in August 2012, down 0.681 million barrels or 21.4% from the same month last year. In August, foreign crude oil imports decreased 1.12 million barrels or 30.8% from July 2012.
· Gasoline Pricing:
Compared with the same month last year, in October 2012, Hawaii’s price for regular gasoline increased, and the growth rate was more than the growth rate of crude oil price; the national average price for regular gasoline increased more than the growth rate of Hawaii’s price for regular gasoline. In October 2012, the national average price for regular gasoline was $3.712 per gallon, up $0.278 per gallon or 8.1% from the same month last year; but down $0.116 per gallon or 3.0% from September 2012.
In October 2012, Hawaii’s price for regular gasoline averaged $4.411, which was $0.699 per gallon or 18.8% higher than the national average for the same month.
Hawaii’s October 2012 price for regular gasoline increased $0.199 per gallon or 4.7% from the same month last year, and increased $0.018 per gallon or 0.4% from September 2012. In October 2012, the average regular gasoline prices within the State were as follows: Kauai, $4.729; Oahu, $4.338; Wailuku, $4.539; and Hilo, $4.415.
· Diesel Fuel Pricing:
The October 2012 national average price for diesel was $4.103 per gallon which was an increase of 7.1% from the same month a year ago but a decrease of 0.1% from September 2012.
In Hawaii, the average price for diesel in October 2012 was $4.970 per gallon which was $0.867 per gallon or 21.1% higher than the national average.
Hawaii’s October 2012 average price for diesel increased $0.220 per gallon or 4.6% from the same month last year, and increased $0.018 per gallon or 0.4% from September 2012. In October 2012, the average prices per gallon for diesel among Hawaii’s market were as follows: Kauai, $5.103; Oahu, $4.828; Wailuku, $4.983; and Hilo, $5.086.
· Gasoline Consumption:
Hawaii’s statewide consumption for gasoline, as measured by the gasoline tax base, decreased 0.8% in August 2012 from the same month a year ago. A total of 39.2 million gallons of gasoline was consumed in August 2012, of which 64.2% was consumed in the City and County of Honolulu, 13.5% in Maui County, 16.1% in Hawaii County; and 6.3% in Kauai County.
· Highway Diesel Fuel Consumption:
Hawaii’s August 2012 consumption for highway use diesel was about 4.2 million gallons, increased 9.7% from the same month last year. Highway use diesel in August 2012 was mainly consumed in Honolulu (57.8%), followed by Hawaii County (23.2%), Maui County (13.1%), and Kauai County (6.0%).
· Aviation Fuel Consumption:
In August 2012, data from the Department of Taxation showed aviation fuel consumption statewide increased about 3.16 million barrels or 16.5% from the same month a year ago. The 22.3 million gallons of aviation fuel distributed in August 2012 were shipped to the various counties as follows: City and County of Honolulu, 57.8%; Maui County, 23.6%; Hawaii County, 10.3%; and Kauai County, 8.3%.
· Number of Vehicles:
As of October 2012, there were 1,017,107 registered taxable gasoline passenger vehicles in the state, 5.3% increase from the same period last year and an increase of 4,569 or 0.5% from September 2012.
There were 12,927 registered passenger hybrid vehicles, accounting for 1.2% of the total 1,040,284 registered passenger vehicles in October 2012, and representing an increase of 228 vehicles or 1.8% from September 2012. There were 22,457 registered taxable diesel freight vehicles, 3.3% increase from the same period last year.
In October 2012, the number of hybrid freight vehicles totaled 72 and the number of registered taxable electric passenger vehicles totaled 1,016. The number of registered taxable electric passenger vehicles increased 467 vehicles or 85.1% from the same month last year and increased 53 vehicles or 5.5% from September 2012.
Submitted by the Department of Business, Economic Development and Tourism