| Maybe we don't need the oil companies at all. Some car owners are doing it in Utah, where gas is selling for $0.638 per gallon. The only thing it's compressed natural gas (CNG), not the unleaded liquid stuff we're used to. According to the Natural Gas Vehicle Coalition, Utah boasts the country's lowest rate for the increasingly popular fuel. But no matter where you buy it, CNG is undoubtedly cheaper than the national average price of $3.60 for regular unleaded. Use of the fuel is growing so fast that Utah's 20 public CNG stations are struggling to keep enough in supply. Fleets requiring CNG, including a local Coca-Cola distributor, may find it easier to come by at the state's 71 private fueling facilities. Of course, Utah probably has the cheapest CNG prices in the nation. But even in California, where the price stands at about $2.50 per gallon equivalent, the novel fuel is a bargain. Recent clean-air laws and projects in California have spurred intense spending on clean technologies. One project at the Ports of Los Angeles and Long Beach is aiming at replacing all the diesel-burning engines at the ports. That's nearly 17,000 trucks. One company has the exclusive contract to supply the new clean-burning engines. Right now, new CNG vehicles are only available in New York and California. And only one company, Honda Motor Co. (NYSE: HMC), is making them. According to company executives, they can't make the specialized vehicles fast enough. Nonetheless, they're fast-approaching making new CNG vehicles available for sale in Utah to capitalize on the booming market. Natural Gas Vehicle Coalition Just something to think about, while your bending over at the pump. |