The gas cap is dead — for as long as the public believes it isn't needed.

That is the real upshot from the compromise struck by state lawmakers, who struggled in a time of high gas prices over the best way of protecting the consumer.

It's unfortunate that election-year politics precluded a more sensible option that would have provided more time to determine the cap's effectiveness, as opposed to the outright suspension favored by House and Senate conferees. Nobody seeking re-election wanted to stand too close to a regulation that took some heat as prices at the pump rose just after Hurricane Katrina and during the latest steep incline.

Much of that criticism is misguided. Many consumers expected the cap to deliver more consistently lower prices, when that was never the promise of the regulation. The gas cap was geared to link our wholesale prices to those at selected Mainland markets so that Hawai'i gas prices would rise and fall more in sync with national trends. The modest price relief we enjoyed came when our prices ebbed along with those on the Mainland — something that rarely happened before the gas cap law was passed last year.

But politicians are ready to try another tack in navigating the seas of high prices.

The current legislation would require the oil industry locally to turn over information on its costs, making the pricing more "transparent." The Public Utilities Commission also would figure what the maximum price would have been under an amended gas-cap formula, providing a way to gauge the fairness of gas prices.

The PUC must also ensure the information is provided in clear enough terms for the public.

The "hammer" — the public's means of keeping things fair — is a weak one, unless consumers can become a real force through the choices they make. The governor has the discretion to reinstate the gas cap if she so chooses.

Ultimately, it will be up to taxpayers — individuals, as well as watchdog organizations — to stand guard. The governor will have the power, but it's consumers who must remind government to act in the best interest of us all.