Bottom line: The gas cap wasn't meant to save us money.

Wait, what?!

Well, maybe, theoretically, and as a side benefit it might potentially make it a little less insanely expensive to fill up at the gas station. Sort of. Perhaps. If stuff worked a certain-certain way.

The gas cap limits what oil companies can charge, not what we have to pay.

It was always about politics and power.

The bill emerged from the 2002 Legislature as a way to get leverage on the two "nobody tells us what to do" oil refineries in the state.

The prevailing theory had been that the oil industry was playing dirty and gouging us because, well, they could. This is Hawai'i ... we no more too much choice. We'll pay whatever they ask.

After a series of investigations into fuel pricing, the state filed a lawsuit against several companies alleging they conspired to keep the price of gas higher in Hawai'i than the market warranted.

The state was going for $2 billion in damages but ended up settling the suit for $20 million — most of it eaten up by bills from outside lawyers.

State leaders at the time — that is, Democrats feeling the heat of the first serious Republican challenge in decades — looked like they lost the battle, like they didn't have the mojo to mount a serious fight against the Big Bad Oil Companies.

Thus the war cry of the 2002 Legislature was clear: Spank the oil industry, look like heroes, stay in office, make the party look tough.

The best part of that plan was that nobody had to deal with the ramifications of the gas cap for three years. Democrats could speak theoretically about how they were fighting for us little guys while hinting that the Republicans were holding hands with big business.

Then reality hit. It hit hard. It blew right in.

You almost gotta feel sorry for the Democrats behind this law who couldn't have had worse timing if it were planned and orchestrated by their foes. Had nationwide fuel prices not been affected by a sweeping natural disaster at precisely the same time this law went into effect, things might have played out quite differently.

Clearly, the price of gas is extremely high and getting higher. Clearly, the Democrats have ridden this thing as far as it can go and are now trying to limp home carrying the bumper and a tire and a perky story. Clearly, the math of this law is tricky but the motivation is even trickier.

The gas cap could make prices come down for us. Maybe. Later. No promises. Depends.

State Democrats desperately want this to work.

State Republicans seem gleeful that it hasn't.

Bottom line: It's still about politics and power.

And whoever steps up and stops this insanity will be remembered fondly by the masses in the next election.

Lee Cataluna's column runs Tuesdays, Fridays and Sundays. Reach her at 535-8172 or lcataluna@honoluluadvertiser.com.