HONOLULU -- Gov. Linda Lingle signed into law a bill to suspend Hawaii's controversial gas cap on Friday afternoon.

That means Hawaii's wholesale cap, the only one of its kind in the nation, has been suspended immediately and indefinitely.

Under the new law, the governor can reinstate the gas cap -- now modified with a new formula -- whenever she wants.

"I can't see any conditions that I would reinstate the gas cap. It is a bad idea, and it is not going to keep gas prices down for Hawaii," Lingle said.

Many Hawaii residents lost faith in the gas cap when prices at the pump continued to increase.

The governor said residents should not expect prices to drop when the gas cap is lifted because gas prices are determined by fluctuations on the international oil market.