On your mark, get set, pump.
By this Tuesday, Nov. 1, regular unleaded gasoline prices should be about $2.87 a gallon.
Until then, the best gasoline prices this week can be found at the Kalaheo Union 76, said Martin Rice, author of the Rice Report, which is produced weekly.
Regular unleaded gasoline is $3.029, and premium grade is $3.229 at the Union 76, and diesel is still at $3.489 at the Kalaheo Chevron.
Rice surveys all 20 of Kaua’i’s gas stations each Thursday to establish price trends and best gasoline values at the pump.
According to the survey, the average price of unleaded regular gasoline is $3.05, and premium $3.26, according to Rice.
Daily gas prices on Kaua’i are now available online at www.kauaiworld.com, The Garden Island Web site. Look to the navigation bar on the left side of the home page, and click on “gas prices.” These prices can be viewed on a daily basis, or as Rice posts changes.
For the last week, the gasoline-price site received 1,977 page views, according to Richard Stein, production manager at The Garden Island.
Using the Lundberg method of price-averaging for national-comparison purposes, Kaua’i’s across-the-board gas prices were $3.21, down nine cents from last week.
The Lundberg method is used to compute an average of all combined grades of gasoline, and is the standard for national reporting, according to Rice.
“Noting a trend, several big-oil companies have announced record third-quarter profits this week,” Rice said. “The industry-wide total is projected to be $28 billion. Of course, this is the same quarters as Hurricanes Katrina and Rita and all the aftermath,” Rice observed.
Rice is the chairman of the Kaua’i Democratic Party.
Drivers can anticipate an 18-cent drop of prices at the pump this week, according to the maximum pre-tax whole-sale gasoline cap price set last Wednesday by members of the state Public Utilities Commission (PUC).
The new cap prices are good from tomorrow, Monday, Oct. 31, through this Sunday, Nov. 6.
The state average for a gallon of unleaded gasoline as of Friday, Oct. 28, was $3.058, the highest in the nation, the only place over $3 a gallon, and 85 cents higher than the average price one year ago, according to the AAA (American Auto-mobile Association) Daily Fuel Gauge Report. AAA leaders get their data from the Oil Price Information Service (OPIS).
The national average for a gallon of regular gasoline as of Oct. 28 was $2.55, and 52 cents higher than the same time last year, according to AAA reports.
The weekly cap established by PUC members sets the maximum amount officials at the oil companies can charge for wholesale gasoline.
The baseline price established by members of the state Legislature under the wholesale-price-cap law and used by PUC members is the weekly average of the daily spot prices for wholesale gas in Los Angeles, the U.S. Gulf Coast, and New York.
That price excludes taxes and dealer profit margins.
- Andy Gross, business editor, may be reached at 245-3681 (ext. 251) or email@example.com