More On Hawaii's Gasoline Price Ceiling

Jim Lindgren started an interesting discussion of Hawaii's wholesale gasoline price ceiling. He suggests:

"This is a nice test of economic theory, though if refineries are working at nearly full capacity, the economic effects may not be as large in the short run as simple price theory (in the absence of transaction costs) would suggest."

But, perhaps the discussion that was prompted by his posts suggests it is not clear which economic model is going to be tested by the upcoming experience. What do you expect the results of the price ceiling to be?