OMT One Man's Trash...from Norman Leahy



Friday, March 31, 2006 :::
 

Hawaii Abandons Gas Price Caps

Via Andrew, I see that Hawaii is about to give up on gasoline price controls.

The gas cap, aimed at reining in Hawaii's highest-in-the-nation gas prices, set a maximum wholesale price for gasoline linked to a five-day moving average of spot prices in New York, Los Angeles, and on the Gulf Coast. As it happened, the cap went into effect three days after Hurricane Katrina tore through the Gulf, sending gas prices on the mainland sharply higher. The state-set caps quickly shot up and so did gas prices. They have remained at similar levels since, with the average gallon of gas in the state going for about $2.90,according to recent AAA surveys.

Though some legislators still believe that with a bit more tinkering, caps can work.

And indeed they will...at keeping prices even higher.



::: posted by Norman Leahy at 3/31/2006 0 comments





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