50 Cent Fuel Credit Lowering Fuel Prices across the Country – Down to 39 cents in Oklahoma!
Since Congress extended the 50-cent alternative fuel excise tax credit, many fuel retailers across the country have dropped their prices for natural gas fuel. The fuel credit, which was included as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015, was extended retroactively for all of 2015 through 2016.
This credit is an important incentive to fuel providers that are investing heavily to expand the country’s natural gas fueling network by building natural gas stations across the US. Many companies are opting to pass this savings onto the consumer by lowering fuel prices to account for the 50 cent per GGE credit.
One example of this trend that has garnered significant attention recently is the CNG station located at the 7-Eleven in Moore, Oklahoma, a station that already boasted some of the least expensive CNG prices in the country. By passing the 50-cent credit on to its customers, the 7-Eleven station in Moore is now selling CNG at just 39 cents per GGE. Compared to the current national average price for gasoline ($1.83 per gallon), the savings offered at this station is nearly $1.50 per gallon.
Other examples of falling CNG prices include a public station in Clearwater, Florida that is now offering CNG for a reduced rate of $1.17 per GGE and, according to the Pueblo Chieftain, a station in southern Colorado reduced its prices from $1.99 to $1.49 per GGE of CNG.
“The alternative fuel tax credits are an important incentive that provides hundreds of millions in savings to NGVAmerica members and their customers for using clean-burning natural gas for their transportation needs,” said NGVAmerica President Matthew Godlewski. “It is encouraging to see these savings being realized by fleets and consumers across the country.”
Also included in the PATH Act of 2015 is the Extension of Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property and the $1,000 tax credit for home refueling appliances.
More information on natural gas stations and fuel costs can be found on the US DOE’s Alternative Fuel Data Center (AFDC) website here.