HONOLULU -- Hawaii's weekly cap on wholesale gasoline prices became history on Saturday after a committee of lawmakers passed a bill to suspend the law indefinitely.

Senate and House lawmakers announced a compromise on the bill minutes before the midnight deadline Saturday after several months of wrangling.

The new bill requires final approval of the full House and Senate on Tuesday.

The original law -- which went into effect in September -- imposed weekly caps on prices based on a five-day average of wholesale prices in the mainland areas of Los Angeles, New York and the Gulf Coast.

However, House lawmakers said the law wasn't working and called for an end to the cap early on in the session.

Under the new bill, the law would be kept on the books on standby for use if Gov. Linda Lingle decides it should be brought back.

KITV 4 News spoke with people who had nothing good to say about the gas cap and seemed to welcome its failure.

"I thought the cap was intended to put a limit on something," said Hawaii Kai resident Amy Hamme. "It hasn't limited the cost that we are paying. It seems to continually go up."