Area Gas Prices Basically Stable
Average retail gasoline prices in Chattanooga have fallen 0.9 cents per gallon in the past week, averaging $3.21/g yesterday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has fallen 0.4 cents per gallon in the last week to $3.57/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Chattanooga during the past week, prices yesterday were 27.4 cents per gallon lower than the same day one year ago and are 14.1 cents per gallon lower than a month ago. The national average has decreased 9.5 cents per gallon during the last month and stands 16.6 cents per gallon lower than this day one year ago.
"As driving season works closes out, the national average has been remarkably quiet, so far, but that may change as gasoline inventories declined a sizable about last week," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "The Energy Information Administration in its weekly report issued last Wednesday highlighted one of the largest drops in gasoline inventories this year. That was likely a culprit for a late-week rally in gasoline futures and spot prices, which in turn may mean that as this week wears on, gasoline prices could start showing some upward movement. Any increases may be limited, however, by the impending end of summer driving season," DeHaan said.
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Last Update on August 04, 2015 07:28 GMT
FOSSIL FUELS ON SALE
NEW YORK (AP) -- These days it seems whatever can be burned to power a car, heat a home, make electricity or ship people and goods around the globe is being sold at bargain basement prices.
Prices for coal, natural gas, oil and the fuels made from crude such as gasoline and diesel are all far less expensive than they have been in recent years.
Consumers are rejoicing. Fossil fuel companies are reeling. Countries that import energy, such as the U.S., China, Japan and those in the European Union, are getting an economic boost. Exporters, such as Russia, Saudi Arabia and Venezuela are facing lower income and budget shortfalls.
Commodities in general are slumping. The S&P global commodity index hit its lowest level since 2002 on July 27, lower even than during the 2008 global financial crisis.
The recent price declines are a result of complex factors that have led to a simple outcome: There is more than enough fossil fuels at the ready than customers need.
THE DAY AHEAD
WASHINGTON (AP) -- The Commerce Department will be releasing factory orders for June. Today's release is set for 10 a.m. EST.
In Germany, Automaker BMW AG will report its second-quarter earnings.
On Wall Street, Aetna reports quarterly financial results before the market opens. Other pre-market quarterly reports are due to be released by CVS Health, Walt Disney, and Freddie Mac.
NEW YORK (AP) -- Investment giant Pimco says the Securities and Exchange Commission is looking into its total-return fund.
Pimco says it was notified that the SEC is looking into the valuation of smaller-sized positions in non-agency mortgage-backed securities purchased by the fund between its inception on Feb. 29, 2012 and June 30, 2012. The SEC is also investigating the fund's performance disclosures for that period and its compliance policies and procedures.
Pacific Investment Management Co. says it received a Wells notice, which means SEC investigators are recommending that the agency take civil action against the company. The SEC is not formally accusing Pimco or the Pimco Total Return Active Exchange-Traded Fund of wrongdoing.
The SEC declined comment.
GENERAL MOTORS-IGNITION SWITCH DEATHS
DETROIT (AP) -- According to a fund set up to compensate victims General Motors' faulty ignition switches were responsible for at least 124 deaths and 274 injuries. The fund, administered by attorney Kenneth Feinberg, updated the totals Monday.
Victims' families are being offered compensation of at least $1 million each. The fund has finished processing the 4,342 claims it received by the Jan. 31 deadline. Of those, 91 percent -- or 3,938 -- were deemed ineligible. Feinberg is waiting for additional documentation for six claims.
Fund spokeswoman Camille Biros says 385 compensation offers have been made so far and 275 have been accepted. Five have been rejected.
GM recalled 2.6 million Chevrolet Cobalts and other small cars last year but acknowledged it knew about the ignition switch problems for more than a decade.
MEDICAL DATA HACK
FORT WAYNE, Ind. (AP) -- An Indiana medical software company has reported the private information of 3.9 million people nationwide was exposed when its networks were hacked earlier this year.
That's according to the U.S. Department of Health and Human Services. Medical Informatics Engineering reported the number of people affected by the hack to the federal agency on July 23.
The Fort Wayne company announced June 10 that the attack on its main network and its NoMoreClipboard network began May 7 and was detected May 26. The company said the exposed information includes names, addresses, birthdates, Social Security numbers and health records.
Indiana Attorney General Greg Zoeller has urged all state residents to freeze their credit in the wake of the hack. He said his office is investigating the breach.
A list of affected providers can be found online at www.mieweb.com/notic
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