Representative Jon Riki Karamatsu
Floor Remarks
House Bill 3115, H.D. 2, S.D. 2, C.D. 1
May 4, 2006
I rise in support.
The “gas cap” law was created right before I was elected into the Hawaii State House of Representatives in the Fall of 2002. I believe the state government had good intent in creating the law to help the people of Hawaii get fair gas prices, but it did not work. The “cap” on the free market caused unusual behaviors in the petroleum industry such as pricing gas at the ceiling of the “cap” to maximize profits and prepare for bad economic times where they are restricted by the “cap” to recuperate.
Therefore, I support this bill's indefinite suspension of the “gas cap” law. Instead, I believe this measure is heading in the right direction by requiring additional and more pertinent information to be provided by the petroleum industry, thereby providing more transparency in the industry. Transparency will protect the people of Hawaii from unfair gas prices and allow a reasonable profit margin for the industry.
Thank you.