Gasoline Prices on the Rise

     Central Oregonians are feeling the pain at the pump again as prices continue to rise over the $3 mark. According to AAA, the current average for Oregon is $3.26 for regular unleaded.  On Tuesday, the price of crude oil reached an all-time high of $101 which was only attained last week.
     AAA Oregon Public Affairs Director Marie Dodds says even though demand for gasoline in the U.S. is flat or decreasing, “we’re still seeing a dramatic rise in prices at the pumps.”
     There are several reasons for the recent increase including OPEC reporting it will cut production even if oil prices continue to decline, Venezuela has threatened to stop supplying ExxonMobil, and there are problems with several refineries in the United States.
     The current national average is $3.15 which is up 78 cents from last year at this time. Oregon’s average has increased 75 cents in the past year.
     To get the latest fuel prices visit AAA’s Daily Fuel Gauge at www.fuelgaugereport.com

Information gathered as of 02/27/08  

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Stimulus checks to start arriving by May                     

     Taxpayers who are looking forward to their stimulus payment might not have to wait as long as originally thought. The Internal Revenue Service is planning to send out payments in May with the majority of payments spanning through the spring and summer.
     There is one hitch. Prior to receiving their payments, taxpayers must have filed their 2007 tax returns. The IRS will use the 2007 returns to determine if a tax payer is eligible and then calculate the stimulus payment.
     In most cases, an individual can expect to earn a maximum of $600 and a couple filing a joint tax return is eligible for up to $1,200. Those taxpayers who qualify might also earn $300 per child for the child tax credit.
     For taxpayers who file returns later in the year, the IRS will continue to send payments until December 31, 2008.
     Taxpayers aren’t the only ones receiving a break. The Economic Stimulus plan also highlights some items for businesses. Under the plan the amount of equipment purchases a small business could expense would be $250,000. Large businesses also benefit from a 50% bonus depreciation provision. Equipment has to be purchased or placed in service in 2008 to qualify.

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Central Oregon Business Index decreases for Fourth Quarter

     The fourth quarter numbers are in for the Central Oregon Business Index (COBI). Overall, the index is 2.4% lower than a year ago.
     One of the reasons for the fall includes the labor market data, which shows deterioration during the quarter. Advertising declined, initial unemployment claims rose sharply, and new business filings declined.
     The report states the rise in unemployment claims could be an indication of increasing layoffs due to the current economy. Overall, the labor market shows signs of hesitancy from employers to expand their businesses and employment opportunities.
     Turning to tourism, the numbers were slightly mixed. The airport numbers remained relatively unchanged during the quarter while lodging revenue decreased slightly.
     During the fourth quarter, the housing market remained soft.  The number of houses sold within the Central Oregon region decreased to a monthly average of 205. The report states the median days a house remained on the market were 143. (These numbers are seasonally adjusted.)
     Overall, the picture of 2007 shows the economy softening. Nationally, the report states the probability for a recession in 2008 is increasing.   

Information provided by the University of Oregon

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Oregon House Passes subprime proposal

     Last Thursday in a 31-29 vote the Oregon House passed HB3603 a proposal meant to help consumers avoid subprime loans and get out of their current subprime loans without facing prepayment penalties.
     There was a heated debate between lawmakers on whether the bill would provide assistance to homeowners who are struggling financially and if Oregon Lenders would be harmed. The bill requires a disclosure of the yield spread premium. This premium is often a hidden cost of subprime loans. The proposal also limits prepayment penalties so people will have a 60 day window to refinance before their loans reset at a higher interest rate.
     Oregon has not been as hard hit as other states with foreclosures. Many representatives feel this bill was passed due to the recent “media blitz” about foreclosures and the mounting crisis.

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Self Serve Sandbag Fill Sites

     Thanks to the Deschutes County Sheriff’s Office and Deschutes County Road Department in cooperation with the La Pine and Cloverdale Fire Departments, self-serve sandbag site are available to the public.
     With the spring thaw on the horizon, these sites will enable homeowners to fill their own sandbags to protect against localized flooding. Homeowners just need to bring a shovel, the sand and bags are located at local fire stations.
      Three locations have currently been established at the following areas: fire station 101 in La Pine at 51550 Huntington Rd, fire station 102 in La Pine at 55785 South Century drive, and the third location is at the Cloverdale Rural Fire Department.
     At this time, Sunriver residents are asked to call the Sunriver Fire Department at 593-8622 for availability.

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Local School receives grant

     Commute Options for Central Oregon helped Bear Creek Elementary school receive state money to improve sidewalk safety.
     Bear Creek is one of 20 schools in receipt of grant money to increase safety for students walking or biking to school. The school will use the $124,724 grant to extend sidewalks along the road near the school.
      Under the “Safe Routes to School” program, a total of $1.3 million will be distributed statewide to schools which serve students from pre-kindergarten through the eighth grade.
     The grant money will pay for constructing covered bike shelters at schools, adding traffic signals at nearby crosswalks and other projects statewide.
     Bend and La Grande are the only communities east of the Cascades to benefit from the latest round of grants.

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