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August 14, 2007
If you're considering an end-of-summer vacation, go ahead and unfurl your road maps.
The average price of a gallon of regular gas this week is $2.77, down nearly 23 cents from this time last summer, according to the Energy Information Administration and reported by USA Today columnist Sandra Block.
Oil analysts warn, however, that a major hurricane or refinery breakdown could send gas prices sharply higher. In addition, the recent bridge collapse in Minneapolis has prompted some lawmakers to propose raising the federal gas tax to pay for bridge repairs. (President Bush said he opposes the idea.)
And if you're counting on the tax credit to reduce the cost of buying a hybrid, pay attention to the calendar. The tax credit begins to phase out after an automaker sells 60,000 vehicles.
Once a manufacturer's sales hit the limit, buyers are eligible for the full credit until the end of the quarter in which the threshold was reached and through the next quarter. Then they're eligible for half the credit for six months. For the next six months, the credit will shrink to 25% of the full amount, then it will disappear.
Posted by Peter C. T. Elsworth 
at 10:01 AM to Alternative fuels
, Gas prices
| Permalink
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