Posted at 6:03 p.m., Friday, May 5, 2006
Gov. Lingle signs bill suspending gas cap
Advertiser StaffGov. Linda Lingle today signed a bill suspening Hawai'i's controversial gasoline price cap law.
Effective immediately gasoline refiners and distributors will no longer be bound by a formula that sets wholesale gasoline prices in eight regions around the State.
The cap had been in effect since Sept. 1. Since that time, global oil prices have risen sharply. As a result of the cap, Hawai'i experienced unprecedented swings in the price of fuel from one week to the next.
"I am pleased that Hawai`i consumers will no longer be subject to the failed experiment to artificially control gas prices," Lingle said.
She cautioned that drivers should not expect to see the price of gasoline decline any time soon given the global demand for petroleum and limited supplies.