HB2336

Report Title:

Petroleum Advisory Council; Profit Reporting

 

Description:

Requires the petroleum advisory council to release quarterly reports on the excess profitability of Hawaii gasoline sellers as compared to benchmark markets.

HOUSE OF REPRESENTATIVES	H.B. NO.	2336
TWENTY-FIRST LEGISLATURE, 2002
STATE OF HAWAII

A BILL FOR AN ACT

 

RELATING TO THE PETROLEUM ADVISORY COUNCIL.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Chapter 486J, Hawaii Revised Statutes, is amended by adding a new section to part II to be appropriately designated and to read as follows:

"§486J- Quarterly reports. The department shall research and within three months of the effective date of this Act, report to the council on one or more benchmark markets for the sale of gasoline. The department shall review these benchmark markets at least annually and determine whether they remain applicable benchmarks for Hawaii and if not, to research and report to the council on new benchmark markets.

The department, on a monthly basis, shall also furnish to the council the reported profits in terms of percentage of all Hawaii gasoline sellers by company. The council shall prepare quarterly public reports on the comparative profitability of the Hawaii companies versus the benchmark market or markets. The reports shall be transmitted to the governor, president of the senate, and speaker of the house of representatives, and made available by the department to the public."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:	_____________________________