Latest Gas Cap Jump Fuel For Critics

Bill Green
Bill Green
Douglas Kilpatrick
Douglas Kilpatrick

(KHNL) The cap on wholesale gas prices jumped another eight cents a gallon.

Critics say the regulation has created price swings and market volatility and that could lead to its demise.

"For those of who understand how the industry works knew this could not work, that it was nothing more than a vendetta trying to hurt the big oil companies," said Bill Green, a consultant for Kahala Shell.

The law regulating the wholesale price of gasoline is facing increasing opposition in the state legislature.

Last week lawmakers approved two different proposals to suspend the gas cap.

"You can't beat supply and demand and they shouldn't have screwed around with it in the first place. The less interference the better," said driver Douglas Kilpatrick.

Nationwide gas prices continue to climb, so its not clear exactly what would happen if the state suspends the gas cap regulation.

A report released over the weekend shows gas prices across the country increased an average 15 cents per gallon in the last two weeks.

"In Hawaii you can't drive anywhere," Kilpatrick said. "So your monthly bill's going to be 200 dollars or 240 dollars. It shouldn't make much of a difference."

Gas prices in Honolulu continue to lead the country.

According to the latest Lundberg study of gas retailers across the country, Honolulu has the most expensive gas with an average of $2.80 a gallon.