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According to a report by Tulsa World, drivers of natural gas vehicles are likely to see prices go up at least 50 cents per gallon at the pump on Wednesday, when a federal CNG tax credit expires. The CNG credit was part of a package of tax credit extensions Congress passed last year as part of the "fiscal cliff" settlement.
"At Love's, we strive to maintain the lowest prices for our customers," spokeswoman Kealey Dorian told the news outlet. "The CNG tax credit expiration will cause our costs to rise, but we are working to keep the impact to our natural gas customers minimal."
CNG has been quoted for as much as $2 per gallon cheaper in some locations this year, compared to its petroleum counterpart. However, advocates still point out that even though the tax credit is expiring, CNG is still cheaper than traditional petroleum, burns cleaner and is produced locally.