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Hawaii to Begin Capping Wholesale Gas Prices

Hawaii has moved to limit wholesale gas prices, beginning next week, as consumers suffer high fuel costs. Traders drove the price of oil to $68 a barrel on some markets Thursday before levels eased back.

Hawaii, which has all of its oil shipped in, has some of the highest gas prices in the nation -- prices for regular unleaded hover at $3.10. The recent move is the first such effort in the United States since the oil shocks of the 1970s. But analysts say Hawaii's strategy may actually lead to higher prices.

Copyright 2022 NPR. To see more, visit https://www.npr.org.

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.