Thanks Hawaii for another example of how politicians can screw things up.

From the Honolulu Star-Bulletin

As gas pump prices continue to set record highs, the state today issued its first listing of maximum prices at which wholesale gasoline can be sold starting next week, when Hawaii’s one-of-a-kind gasoline price cap regulations begin. ...

The price caps represent the maximum cost at which wholesale gasoline can be sold in Hawaii. They are to be adjusted on a weekly basis to reflect changing market conditions in Los Angeles, New York and the U.S. Gulf Coast.

The retail price is not capped, so there will not be any long lines at the pump. If the cap is effective, it should reduce the quantity of gas supplied while also increasing price at the retail level. The spread between the wholesale price and the retail price should increase. What happens to profits at the retail level will depend on the price elasticity of demand. Assuming it is inelastic, profits should increase for retailers.