The Norman Transcript

Headlines

January 11, 2013

Gasoline, compressed natural gas prices down

NORMAN — Absent significant storms, major wars or production and distribution outages, the single largest factor that will influence gasoline prices this year will be the strength of the U.S. economy, AAA reported this week.

Oklahoma’s average gasoline price is the sixth lowest of all the states. According to FuelGaugeReport.AAA.com, motorists in six states — Utah, Wyoming, Colorado, Minnesota, Idaho and Oklahoma — currently pay less than $3 per gallon of gasoline at the pump. Utah is the country’s price leader at $2.90. The average price in Texas today is 18 cents above Oklahoma’s.

Only drivers in Hawaii pay more than $4 per gallon. The highest average prices in the continental United States are found in California and in the Northeast.

Stronger-than-expected growth in the economy would result in higher oil and gasoline prices in anticipation of higher consumption, while a weaker-than-expected economy would drive prices downward. Inaction by Congress to reach a debt deal in two months also would result in increased concern about the U.S. economy and could lead to lower gasoline prices.

Decreases in compressed natural gas prices are being driven by provisions in the American Taxpayer Relief Act, passed last week by Congress to avert the “fiscal cliff.” The measure includes a one-year extension of the tax credit on the sale of CNG and liquefied natural gas for vehicle use and for the installation of natural gas fueling equipment. Specifically, this is a 50-cent per gasoline gallon equivalent tax credit for CNG, a 50-cent per gallon tax credit for LNG and a $30,000 infrastructure tax credit. 

These tax credits are extended until this Dec. 31 and are retroactive for all of 2012.

While retail gasoline prices are currently rising at a slower rate than they did to start 2012, the average is pressured higher by crude oil prices that have continued to slowly increase in recent weeks.

Text Only | Photo Reprints
Headlines
  • Chamber Banquet During annual banquet, Chamber of Commerce promotes moving Norman forward

    Amidst the backdrop of music, dancing, dinner and fellowship, business leader Mike Fowler announced that the time for a quality-of-life initiative in Norman has come. As incoming Norman Chamber of Commerce board chairman, Fowler and ...

    April 18, 2014 1 Photo

  • Symposium speaker Paul Polik: Commerce can help and bring millions out of poverty

    How to harness the power of commerce to address social and environmental challenges in sustainable ways was the topic of discussion at the University of Oklahoma Center for the Creation of Economic Wealth’s fourth annual Social ...

    April 18, 2014

  • Amber waves turn gray as farms lose younger generation

    OKLAHOMA CITY — Jerry Pfeiffer was thrilled when his son, Kelsey, 25, announced plans to return to the family’s farm in Orlando....

    April 18, 2014

  • Postal retiree luncheon set

    A postal retiree luncheon will be 11:30 a.m. Monday at Golden Corral Buffet and Grill, 123 N. Interstate Drive in Norman. Diners will meet in the lobby. For more information, call Joyce Carle at 872-5157....

    April 18, 2014

  • Flapjack fundraiser set

    The Apple Gold Group, a franchisee of Applebee’s Neighborhood Grill and Bar, will partner with the Global Outreach Team at Go Church to host a Flapjack Fundraiser on April 26. Proceeds raised will be used by team members to purchase ...

    April 18, 2014

  • OU Hornsemble goes to the movies

    The OU Hornsemble will present a concert of music from the cinema at 6 p.m. April 27 in the Paul F. Sharp Concert Hall. Billed as “Movie-Time Music,” the ensemble will present a wide variety of cinematic music from the 1940s to the ...

    April 18, 2014

  • Judge asks pointed questions in gay marriage case

    DENVER — A judge in Colorado who will play a pivotal role deciding whether gays should be allowed to wed in the United States asked pointed questions Thursday about whether Oklahoma can legally ban the unions....

    April 18, 2014

  • Fallin disappointed SBAdenied loans

    OKLAHOMA CITY — Gov. Mary Fallin said Thursday she is disappointed that a federal agency denied a request for loans to businesses in two Oklahoma towns affected by an emergency bridge closure....

    April 18, 2014

  • Sudan: 12 die after mob attacks UN base

    JUBA, South Sudan — An angry mob of South Sudanese youths attacked a U.N. base on Thursday to harm members of an ethnic minority sheltering inside. Peacekeepers were forced to open fire, amid rampaging violence that killed at least 12 ...

    April 18, 2014

  • Woman bound over for trial

    A Slaughterville woman facing a manslaughter charge after the death of an 8-year-old child was bound over for trial this week after a preliminary hearing in Cleveland County District Court. Kimberly Dawn Wenthold, 29, was charged in ...

    April 18, 2014