Results 1 to 12 of 12

Thread: Hawaii caps gas prices

  1. #1
    Magically Delicious! Meggie's Avatar
    Join Date
    Jul 2001
    Location
    my house
    Posts
    9,886

    Hawaii caps gas prices

    The state that pays the most for gas in country will start a cap on wholesale prices. And one expert sees oil at $100 per barrel next year.


    Hawaii became the first state in the nation to take government action against rising gasoline prices today, placing a cap on wholesale gas prices starting Sept. 1 to prevent what legislators see as price gouging on the islands.

    But if crude prices climb as high $100 per barrel -- as one expert, who made a spot-on prediction last year, says -- more states could try to find ways to keep energy prices in check.

    Hawaii has the highest average gas price of the 50 states and supporters of the cap say refiners are jacking up the prices because of the state's isolated position. Starting Sept. 1, wholesalers in Honolulu won't be able to charge more than $2.1578 cents per gallon, which should keep retail prices no higher than $2.86 per gallon, the Associated Press reported.

    Statewide prices average $2.84 per gallon right now and the cap, based on five-day prices in New York harbor, Los Angeles and the U.S. Gulf Coast, will be adjusted to stay in line with nationwide prices.


    Not surprisingly, the oil industry isn't happy with caps, saying Hawaii's gas prices are due to high taxes, CNBC's Rob Reynolds reported.

    "I'm very concerned about this legislation," John Llemy of the American Petroleum Institute, told CNBC. "It could have strong negative effects for Hawaii and it could have limited positive benefits for consumers because, while wholesale prices are capped, retail prices are not."

    Hawaii Gov. Linda Lingle, has said she worries the cap will actually increase prices and create fuel shortages, the Associated Press reported. The governor has the power to suspend the price caps if she determines they would cause a major adverse impact on the economy, public order, or the health, welfare or safety of the people of Hawaii.

    Fereidun Fesharaki, an energy expert at the University of Hawaii's East-West Center in Honolulu, said the gas cap was "a stupid idea" that could force one of Hawaii's two refineries to leave, according to the AP.

    Consumer groups disagree.

    "Price caps are a great idea, because they are providing a solution to an uncompetitive market," Tyson Slocum, analyst and the consumer advocacy group Public Citizen, told CNBC. "Right now gasoline markets, particularly in Hawaii are very dysfunctional. You have a direct correlation between the record profits oil companies are making and the record prices consumers are paying."

    Price controls on oil and gasoline ordered by President Richard Nixon in 1973 were blamed for volatile prices, shortages and long lines at gas pumps. President Ronald Reagan removed them in 1981, and a global oil glut ensued.

    Oil on its way to $100 per barrel?
    Oil will reach $100 per barrel next year, Michael Economides, professor of petroleum engineering at the University of Houston, told CNBC's "Morning Call." And before you dismiss that prediction, realize that a year ago today Economides predicted crude oil would be at $65 per barrel.

    Professionals are starting to take such bold predictions seriously, CNBC's Melissa Francis said. You don't hear the "loud guffaws" at the New York Mercantile Exchange, when someone predicts $100 per barrel oil, Francis reported, and those predictions are becoming more common. Crude closed today at $67.49, up 17 cents from Wednesday.

    Economides said three things will drive crude to such a lofty level:

    Russia. First Yukos was taken over by the government and now Russia's state-owned natural gas monopoly is poised to buy oil company Sibneft. "Fifty percent of Russian oil production is going to be Sovietized and the Soviet Union didn't have a good record in oil production," Economides said.

    Venezuela. Pat Robertson's remarks about assassinating Venezuelan President Hugo Chavez could aggravate the situation in that country. "He was militant enough (before) and I'm sure he's not going to be a happy camper," he said.

    China. "Look for China to increase its energy demand and oil purchases significantly," Economides said.
    OPEC is not a factor, since it has no spare capacity to manipulate the market and no incentive to spend money drilling for more oil at these prices, he added.

    Gas prices by state
    State Regular Mid Premium Diesel State Regular Mid Premium Diesel
    Alaska $2.57 $2.72 $2.87 $2.59 Montana $2.55 $2.65 $2.78 $2.74
    Alabama $2.53 $2.70 $2.78 $2.54 North Carolina $2.57 $2.72 $2.84 $2.57
    Arkansas $2.52 $2.66 $2.83 $2.53 North Dakota $2.64 $2.73 $2.83 $2.61
    Arizona $2.62 $2.73 $2.89 $2.83 Nebraska $2.65 $2.71 $2.78 $2.60
    California $2.80 $2.98 $3.02 $3.12 New Hampshire $2.56 $2.78 $2.88 $2.60
    Colorado $2.62 $2.80 $2.93 $2.67 New Jersey $2.54 $2.72 $2.83 $2.55
    Connecticut $2.63 $2.86 $2.93 $2.75 New Mexico $2.66 $2.83 $2.95 $2.66
    District of Columbia $2.73 $2.91 $3.00 $2.73 Nevada $2.70 $2.85 $2.95 $2.93
    Delaware $2.61 $2.77 $2.89 $2.63 New York $2.67 $2.86 $2.92 $2.78
    Florida $2.64 $2.86 $2.91 $2.65 Ohio $2.56 $2.73 $2.84 $2.61
    Georgia $2.57 $2.76 $2.88 $2.54 Oklahoma $2.51 $2.60 $2.74 $2.47
    Hawaii $2.85 $3.01 $3.07 $3.07 Oregon $2.65 $2.80 $2.84 $2.86
    Iowa $2.55 $2.68 $2.81 $2.55 Pennsylvania $2.58 $2.72 $2.83 $2.69
    Idaho $2.54 $2.68 $2.76 $2.88 Rhode Island $2.66 $2.83 $2.92 $2.70
    Illinois $2.72 $2.92 $3.01 $2.71 South Carolina $2.47 $2.63 $2.76 $2.48
    Indiana $2.59 $2.79 $2.87 $2.58 South Dakota $2.65 $2.82 $2.93 $2.61
    Kansas $2.60 $2.67 $2.77 $2.60 Tennessee $2.53 $2.67 $2.80 $2.52
    Kentucky $2.55 $2.73 $2.86 $2.51 Texas $2.56 $2.70 $2.80 $2.52
    Louisiana $2.52 $2.68 $2.81 $2.52 Utah $2.49 $2.62 $2.74 $2.85
    Massachusetts $2.61 $2.81 $2.92 $2.67 Virginia $2.55 $2.68 $2.78 $2.54
    Maryland $2.67 $2.84 $2.91 $2.66 Vermont $2.55 $2.74 $2.86 $2.69
    Maine $2.58 $2.78 $2.86 $2.64 Washington $2.70 $2.80 $2.94 $2.90
    Michigan $2.66 $2.81 $2.93 $2.64 Wisconsin $2.71 $2.81 $2.94 $2.67
    Minnesota $2.55 $2.66 $2.72 $2.57 West Virginia $2.59 $2.71 $2.85 $2.65
    Missouri $2.52 $2.62 $2.77 $2.49 Wyoming $2.49 $2.60 $2.77 $2.65
    Mississippi $2.52 $2.66 $2.78 $2.50 U.S. avg. $2.60 $2.76 $2.87 $2.65

    Source: AAA Fuel Gauge Report Aug. 24; record high unleaded regular is $2.61 on Aug. 22

    -- Kim Khan with wire reports
    Quote Originally Posted by brembo
    "This is a stick-up...I have an armadillo in my pants"

  2. #2
    Harley_Head Starmax's Avatar
    Join Date
    Aug 2005
    Location
    I live in the sticks behind the bike Shop!!
    Posts
    1,551
    Quote Originally Posted by Meggie
    The state that pays the most for gas in country will start a cap on wholesale prices. And one expert sees oil at $100 per barrel next year.


    Hawaii became the first state in the nation to take government action against rising gasoline prices today, placing a cap on wholesale gas prices starting Sept. 1 to prevent what legislators see as price gouging on the islands.

    But if crude prices climb as high $100 per barrel -- as one expert, who made a spot-on prediction last year, says -- more states could try to find ways to keep energy prices in check.

    Hawaii has the highest average gas price of the 50 states and supporters of the cap say refiners are jacking up the prices because of the state's isolated position. Starting Sept. 1, wholesalers in Honolulu won't be able to charge more than $2.1578 cents per gallon, which should keep retail prices no higher than $2.86 per gallon, the Associated Press reported.

    Statewide prices average $2.84 per gallon right now and the cap, based on five-day prices in New York harbor, Los Angeles and the U.S. Gulf Coast, will be adjusted to stay in line with nationwide prices.


    Not surprisingly, the oil industry isn't happy with caps, saying Hawaii's gas prices are due to high taxes, CNBC's Rob Reynolds reported.

    "I'm very concerned about this legislation," John Llemy of the American Petroleum Institute, told CNBC. "It could have strong negative effects for Hawaii and it could have limited positive benefits for consumers because, while wholesale prices are capped, retail prices are not."

    Hawaii Gov. Linda Lingle, has said she worries the cap will actually increase prices and create fuel shortages, the Associated Press reported. The governor has the power to suspend the price caps if she determines they would cause a major adverse impact on the economy, public order, or the health, welfare or safety of the people of Hawaii.

    Fereidun Fesharaki, an energy expert at the University of Hawaii's East-West Center in Honolulu, said the gas cap was "a stupid idea" that could force one of Hawaii's two refineries to leave, according to the AP.

    Consumer groups disagree.

    "Price caps are a great idea, because they are providing a solution to an uncompetitive market," Tyson Slocum, analyst and the consumer advocacy group Public Citizen, told CNBC. "Right now gasoline markets, particularly in Hawaii are very dysfunctional. You have a direct correlation between the record profits oil companies are making and the record prices consumers are paying."

    Price controls on oil and gasoline ordered by President Richard Nixon in 1973 were blamed for volatile prices, shortages and long lines at gas pumps. President Ronald Reagan removed them in 1981, and a global oil glut ensued.

    Oil on its way to $100 per barrel?
    Oil will reach $100 per barrel next year, Michael Economides, professor of petroleum engineering at the University of Houston, told CNBC's "Morning Call." And before you dismiss that prediction, realize that a year ago today Economides predicted crude oil would be at $65 per barrel.

    Professionals are starting to take such bold predictions seriously, CNBC's Melissa Francis said. You don't hear the "loud guffaws" at the New York Mercantile Exchange, when someone predicts $100 per barrel oil, Francis reported, and those predictions are becoming more common. Crude closed today at $67.49, up 17 cents from Wednesday.

    Economides said three things will drive crude to such a lofty level:

    Russia. First Yukos was taken over by the government and now Russia's state-owned natural gas monopoly is poised to buy oil company Sibneft. "Fifty percent of Russian oil production is going to be Sovietized and the Soviet Union didn't have a good record in oil production," Economides said.

    Venezuela. Pat Robertson's remarks about assassinating Venezuelan President Hugo Chavez could aggravate the situation in that country. "He was militant enough (before) and I'm sure he's not going to be a happy camper," he said.

    China. "Look for China to increase its energy demand and oil purchases significantly," Economides said.
    OPEC is not a factor, since it has no spare capacity to manipulate the market and no incentive to spend money drilling for more oil at these prices, he added.

    Gas prices by state
    State Regular Mid Premium Diesel State Regular Mid Premium Diesel
    Alaska $2.57 $2.72 $2.87 $2.59 Montana $2.55 $2.65 $2.78 $2.74
    Alabama $2.53 $2.70 $2.78 $2.54 North Carolina $2.57 $2.72 $2.84 $2.57
    Arkansas $2.52 $2.66 $2.83 $2.53 North Dakota $2.64 $2.73 $2.83 $2.61
    Arizona $2.62 $2.73 $2.89 $2.83 Nebraska $2.65 $2.71 $2.78 $2.60
    California $2.80 $2.98 $3.02 $3.12 New Hampshire $2.56 $2.78 $2.88 $2.60
    Colorado $2.62 $2.80 $2.93 $2.67 New Jersey $2.54 $2.72 $2.83 $2.55
    Connecticut $2.63 $2.86 $2.93 $2.75 New Mexico $2.66 $2.83 $2.95 $2.66
    District of Columbia $2.73 $2.91 $3.00 $2.73 Nevada $2.70 $2.85 $2.95 $2.93
    Delaware $2.61 $2.77 $2.89 $2.63 New York $2.67 $2.86 $2.92 $2.78
    Florida $2.64 $2.86 $2.91 $2.65 Ohio $2.56 $2.73 $2.84 $2.61
    Georgia $2.57 $2.76 $2.88 $2.54 Oklahoma $2.51 $2.60 $2.74 $2.47
    Hawaii $2.85 $3.01 $3.07 $3.07 Oregon $2.65 $2.80 $2.84 $2.86
    Iowa $2.55 $2.68 $2.81 $2.55 Pennsylvania $2.58 $2.72 $2.83 $2.69
    Idaho $2.54 $2.68 $2.76 $2.88 Rhode Island $2.66 $2.83 $2.92 $2.70
    Illinois $2.72 $2.92 $3.01 $2.71 South Carolina $2.47 $2.63 $2.76 $2.48
    Indiana $2.59 $2.79 $2.87 $2.58 South Dakota $2.65 $2.82 $2.93 $2.61
    Kansas $2.60 $2.67 $2.77 $2.60 Tennessee $2.53 $2.67 $2.80 $2.52
    Kentucky $2.55 $2.73 $2.86 $2.51 Texas $2.56 $2.70 $2.80 $2.52
    Louisiana $2.52 $2.68 $2.81 $2.52 Utah $2.49 $2.62 $2.74 $2.85
    Massachusetts $2.61 $2.81 $2.92 $2.67 Virginia $2.55 $2.68 $2.78 $2.54
    Maryland $2.67 $2.84 $2.91 $2.66 Vermont $2.55 $2.74 $2.86 $2.69
    Maine $2.58 $2.78 $2.86 $2.64 Washington $2.70 $2.80 $2.94 $2.90
    Michigan $2.66 $2.81 $2.93 $2.64 Wisconsin $2.71 $2.81 $2.94 $2.67
    Minnesota $2.55 $2.66 $2.72 $2.57 West Virginia $2.59 $2.71 $2.85 $2.65
    Missouri $2.52 $2.62 $2.77 $2.49 Wyoming $2.49 $2.60 $2.77 $2.65
    Mississippi $2.52 $2.66 $2.78 $2.50 U.S. avg. $2.60 $2.76 $2.87 $2.65

    Source: AAA Fuel Gauge Report Aug. 24; record high unleaded regular is $2.61 on Aug. 22

    -- Kim Khan with wire reports
    Yea i just caught this all on the news,it's getting old.

    Owner: Bullseye Promotions Marketing - bpmarketing.info
    Author: Easy Flow Traffic System E-books
    Click image to enlarge
    click image to view full version

    To error is human but piss off the wife and all that means nothing!

  3. #3
    P/T Pagan God thepieman's Avatar
    Join Date
    Nov 2003
    Location
    Brooklyn , New York
    Posts
    13,400
    whats to stop the Oil companies from cutting back on shipments to Hawaii then? If they aren't getting their price for it then they can just say oops we forgot.

    Pie
    SG Pimp Name : *Treacherous P. Shizzle*
    *
    The fight for our way of life needs to be fought on our own soil, for our own people and because of our own interests.
    *
    Hey, If Me & My Buddies Were Making Billions of Dollars I'd Tell Ya What Ya Wanted To Hear Too!

  4. #4
    Certified SG Addict Indy's Avatar
    Join Date
    Feb 2000
    Location
    Amarillo, TX
    Posts
    25,529
    Blog Entries
    24
    .
    Last edited by Indy; 07-19-07 at 02:23 PM.
    ------
    “The most beautiful thing we can experience in life is the mysterious. It is the source of all true art and science. He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe, is as good as dead: for his eyes are closed.” - Albert Einstein

  5. #5
    Ohh Hell yeah.. Sava700's Avatar
    Join Date
    Feb 2002
    Location
    Somewhere
    Posts
    24,052
    Quote Originally Posted by Indy View Post
    I know this is a couple of years old, but I wonder, does Hawaii still have their gas capped? If it is, then what is the price of gas out there right now?
    good question... cause all states should do this.. its going to hurt the economy no matter how you look at it. I also think that all this talk about doing something, lowering the gas tax etc etc is kinda stupid since this should have been the stuff done back when it was still falling to 2$/gallon. I don't understand why wait till its too late to do anything?

  6. #6
    MadDoctor Club Spammy's Avatar
    Join Date
    Dec 2000
    Location
    MadDoctors Wool.
    Posts
    1,721
    Quote Originally Posted by thepieman View Post
    whats to stop the Oil companies from cutting back on shipments to Hawaii then? If they aren't getting their price for it then they can just say oops we forgot.

    Pie
    Shut up dude damn terrorist
    - Reps for being a smartass.
    SG Sh!!t List

    Bouncer, downhill, John, Kip Patterson, Roody, YeOldeStonecat, Ken, Philip, David, Indy, Noevo.

  7. #7
    Senior Member fastchevy's Avatar
    Join Date
    Jan 2001
    Location
    OKC
    Posts
    6,964
    I'm not sure where they got Oklahoma's price but we are averaging $3.10 for 87 octane...
    .

  8. #8
    Quote Originally Posted by Sava700 View Post
    good question... cause all states should do this.. its going to hurt the economy no matter how you look at it. I also think that all this talk about doing something, lowering the gas tax etc etc is kinda stupid since this should have been the stuff done back when it was still falling to 2$/gallon. I don't understand why wait till its too late to do anything?
    our ******* legislature just passed an increase in the gas tax.....gubner vetoed it but it looks like it's going to get an override.

  9. #9
    Certified SG Addict Indy's Avatar
    Join Date
    Feb 2000
    Location
    Amarillo, TX
    Posts
    25,529
    Blog Entries
    24
    .
    Last edited by Indy; 07-19-07 at 02:23 PM.
    ------
    “The most beautiful thing we can experience in life is the mysterious. It is the source of all true art and science. He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe, is as good as dead: for his eyes are closed.” - Albert Einstein

  10. #10
    Best In Show Noevo's Avatar
    Join Date
    Feb 2000
    Location
    SD
    Posts
    14,188
    Story for you from last september Indy http://starbulletin.com/2006/09/12/news/story01.html . Gas cap still exists, the governor repealed it may 06.

  11. #11
    Best In Show Noevo's Avatar
    Join Date
    Feb 2000
    Location
    SD
    Posts
    14,188

  12. #12
    Senior Member fastchevy's Avatar
    Join Date
    Jan 2001
    Location
    OKC
    Posts
    6,964
    Quote Originally Posted by Indy View Post
    The thread's a couple of years old...I brought it back up just as a follow up to see what was going on with the cap...
    LOL damn..owned by the date
    .

Similar Threads

  1. Gas Prices
    By wee96 in forum General Discussion Board
    Replies: 43
    Last Post: 09-02-05, 04:44 PM
  2. look at these self serve gas prices I just saw
    By Dan in forum General Discussion Board
    Replies: 31
    Last Post: 08-17-05, 03:27 PM
  3. Replies: 1
    Last Post: 08-17-05, 01:58 AM
  4. Hard to believe but Crucial has dropped prices again.....
    By downhill in forum Hardware & Overclocking
    Replies: 11
    Last Post: 08-03-01, 07:36 PM
  5. Who here lives in Hawaii, My moms comin
    By Brent in forum General Discussion Board
    Replies: 12
    Last Post: 02-19-01, 11:44 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •