HONOLULU -- Hawaii's experiment with a controversial wholesale gas cap, the only one of its kind in the nation, appears to be over.

Senators on Tuesday passed a bill to suspend the gas cap indefinitely, and the House is expected to approve the suspension on Thursday.

With gas prices soaring, some senators mourned the suspension of the gas cap.

"Once we repeal or suspend the gas price regulations, expect the gas prices to continue go up, and don't be surprised colleagues, if you are seeing gas at $4 a gallon," Sen. Wil Espero said.

Under the bill senators approved, the Public Utilities Commission will continue to make its weekly calculations using an amended gas cap formula even while the cap is suspended.

Some senators unsuccessfully tried to get rid of the new formula. They say it is inaccurate because it now includes Singapore prices.

Sen. Ron Menor, who was the architect for the gas cap, defended the formula, saying it will let consumers compare what gas prices might have been with a cap.

"Consumers have been paying excessive gas prices for too long now. The oil companies have been charging Hawaii consumers gasoline prices that are excessive for too long now. We need to change that situation. We need to go to bat for the consumers," Menor said.

"No one here wants not to get lower gas prices to their constituents. Believe me, we all want to do that, but we also want to be very fair and accurate and transparent," Sen. Colleen Hanabusa said.

Some lawmakers wanted to get rid of the gas cap forever, but the bill the that is coming out of this session keeps it in reserve with the governor able to reinstate the gas cap whenever she thinks gas prices are soaring dangerously out of control.