High Energy Costs Cut Into Farming Profits, Especially in Hawaii:
Hawaii runs at a trade deficit -- in 2006 the state exported $16 billion in goods and services, while importing $24 billion. Oil imports totaled $3.4 billion or approx 15% of total imports.
**93% of the energy used in Hawaii is imported which is why focus on bio-diesel and biofuels is so prominent. www.hawaiisenergyfuture.com
- The majority of farm equipment runs on diesel fuel, and with diesel hitting record highs it is impacting the farmers' bottom line and the cost of transporting crops. On average, in Hawaii, diesel prices are 18.8% higher than the U.S. national average.
- Diesel Prices from the EIA as of 2/4:
- U.S. National Average: $3.280 per gallon
- West Coast National Average: $3.325
- Hawaii AAA Diesel Average: $3.896 per gallon on 2/8/08 (www.fuelgaugereport.com/HIavg.asp)
- Hawaii AAA Diesel Highest Recorded Price: $3.934 per gallon on 12/27/2007
- Retail Gasoline Prices from the EIA as of 2/4:
- U.S. National Average: $2.978 per gallon
- West Coast (includes Hawaii): $3.055 per gallon
- Hawaii AAA Average price: $3.480 per gallon on 2/8/08 (www.fuelgaugereport.com/HIavg.asp)
- Hawaii AAA Highest Recorded Price: $3.684 per gallon on 9/18/2005