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As gas prices soar on the mainland, Hawaii gas prices fall farther from the top of the list, even though they're still rising, too. Gasoline now costs more in several California cities than it does even in Wailuku, and even Seattle has more expensive gas than Hilo. Even Portland, Oregon, now has more expensive gas than Honolulu. As of this morning, 30 of the 50 states have Triple-A statewide averages of four dollars a gallon or more, with several more at 3-98 or 99.

In other fuel news, Tesoro Petroleum says it is rethinking the way it buys crude oil, and expects its second quarter profit to be 125 million dollars lower as a result. What Tesoro is reviewing is how much hedging its should do. Hedging is a way of locking in prices. Here's how it works. Suppose you have crude oil to sell and Tesoro is going to buy it. Both of you think prices will rise between now and the time the oil is delivered. But you give Tesoro a bit of a break on the price. The more prices rise, the better the deal you gave Tesoro. But if prices stop rising or even fall, you reap a windfall profit.

Other Business Headlines:

The Aloha Airlines lawsuit against the parent of Go has become one of its biggest remaining assets, since it could win tens of millions in damages for unfair competition. Now what's left of Aloha will raise cash for creditors by selling the lawsuit. It will be auctioned today. Aloha's majority owner Yucapia Companies will place an opening bid of 10 million for the suit. Hawaiian settled a similar suit for 52 million.

Hundreds of Matson employees have passed a strike authorization vote, strengthening their hand in negotiations with the shipping line. The workers are some 200 members of the Sailors Union of the Pacific who work Matson's long-haul container ships. Their current contract expires at the end of the month. Labor and management both say they still hope to achieve an agreement without an actual strike.

Hawaii visitor traffic continues to lag last year by 12%, more from the mainland. So just how many arrivals are we getting at the moment? Based on the past few days, 11,000 mainland arrivals a day fly to Honolulu, 4-thousand to Maui, and another 3-thousand about equally divided between Big Island and Kauai. Add another 4,000 from Japan and a few hundred from other countries. The grand total has been 20 to 25 thousand a day.

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