Hawaii, the last state to join the U.S. may become the first state to place caps on the price of gasoline.
Hawaii’s House and Senate are slated to take up a bill on May 2 that would set the maximum price for gasoline in Hawaii based on the average price of the motor fuel in West Coast, the AP reported. Currently, Hawaii pays the second-highest average price for gasoline, at $1.63 a gallon on Tuesday - second only to the $1.65 it was selling for in California, according to statistics provided by the American Automobile Association (AAA).
Opponents of the bill say that it is anti-competitive and will drive gas stations out of business, the AP said. If the bill passes, which it is expected to do, it will go into effect in July 2004, according to the AP report.
Originally posted on Fleet Financials