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[HI] House lawmakers sour on gasoline cap law
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| Contributor | J.R. |
| Last Edited | J.R. Feb 15, 2006 11:25am |
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| Category | News |
| Media | Newspaper - Honolulu Advertiser |
| News Date | Wednesday, February 15, 2006 05:25:00 PM UTC0:0 |
| Description | House lawmakers will likely vote to repeal Hawai'i's controversial gas cap law.
A measure that would suspend the law on July 1 breezed through three House committees yesterday and has the support of the House majority leader. The bill could face a tougher test in the Senate where backing for the gas cap is strongest.
Hawai'i adopted the nation's only price controls on gasoline in September and the results have been mixed.
The law only caps wholesale prices, and a state study released earlier this month showed that retail gasoline prices haven't fallen as quickly as wholesale prices. Futhermore, the cap hasn't done much to restrain oil company profits. Tesoro Petroleum Corp. said last week it had its most profitable quarter in at least three years under the price caps. |
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