Gallon of gas to cost 12 cents more soon
Wholesale price caps on gasoline are going up 12 cents next week, marking the third straight week the ceilings have increased.
By Monday the price caps will have gone up 23 cents since Feb. 27.
As lawmakers continue debate on whether to save or scrap the law, Gov. Linda Lingle said she is pleased with the growing support for a repeal.
"I would be surprised if at least a suspension isn't passed," Lingle said yesterday.
House lawmakers have approved a measure to suspend and ultimately repeal the gas cap in favor of strict oversight measures of oil industry pricing practices.
In the Senate, Consumer Protection Chairman Ron Menor, chief author of the gas cap law, said he strongly supports his proposal to amend and strengthen the law, but he will grant the House measure a hearing.
Menor (D, Mililani) said he believes support in the Senate is strong enough that the gas cap will survive this session.
If the House and Senate are unable to reach a compromise, the law would remain in place in its current form.
The price caps for each week, which represent the maximum at which wholesalers can sell gasoline, are published on the preceding Wednesday by the Public Utilities Commission.
Come Monday, if wholesalers charge the maximum allowed and dealers add a markup of 16 cents, the cost for regular gasoline is projected to range from $2.77 a gallon on Oahu to $3.13 on Lanai.
Increases in wholesale gas follow a rise in crude oil prices last week. But the caps could be heading back down soon. Crude oil prices have dropped sharply this week, falling to about $60 a barrel yesterday after OPEC's president said the group will keep output intact.
Meanwhile, yesterday's statewide average as reported by AAA's Fuel Gauge Report was $2.71 a gallon for regular, 37 cents higher than the national average.
The Associated Press contributed to this report.