Some industry experts fear prices could soar when resources peak

HONOLULU, HI – With crude oil prices at record highs approaching $80 a barrel, the big question locally is what will happen to island gas prices, which already are the highest in the country.

In September, when crude oil peaked at just over $70 a barrel following hurricanes in the Gulf Coast, Hawaii’s statewide average for regular reached $3.68 a gallon.

But that was under the wholesale gas price cap, which tied Hawaii’s prices to three mainland markets, including the storm-ravaged Gulf Coast.

Gas cap critics said Hawaii’s prices might not have spiked so dramatically had they not been tied to mainland prices.

Honolulu Star-Bulletin