The average per-gallon price of regular gas in Nashville on Sunday was $3.53, up nine cents from the mark of a week ago and four cents from the price of four weeks ago, according to AAA The Auto Club Group.
Relatedly, Tennessee’s average price was $3.47 Sunday, an increase of five cents compared to the figure from the previous week and six cents higher than the mark from the same period one year ago.
For comparison, the national average Sunday was $3.66, one cent more than the figure of a week ago.
The violence in Iraq caused pain at the pump for U.S. motorists last week, AAA reported. .
"Motorists will be relieved to see that the average price for gasoline came to a screeching halt over the weekend," Mark Jenkins, spokesman, AAA — The Auto Club Group, said in a release. "Unfortunately, the unrest in Iraq is likely to continue influencing prices in the near future."
Although the U.S. gets very little petroleum from Iraq, concerns of a supply disruption 10 days ago boosted oil prices, which has a domino effect on the price of gasoline, AAA said.
"The price of oil influences about two-thirds the price of gasoline," Jenkins said. "When the price of oil surges, retailers have to pay more for gasoline and that higher cost is then passed along to motorists."
West Texas Intermediate settled on Friday at $107.26 a barrel on the NYMEX. Although this is the highest settlement since Sept. 18, it is only a 35-cent markup from last week, compared to a $4.25 increase the week before.
For comparison with Tennessee’s average of $3.47, Florida's average of $3.62 rose five cents from last week’s mark, while Georgia’s average of $3.61 increased six cents. The national average was $3.68, an increase of two cents.
Delek US Holdings director Carlos Jorda exercised a set of stock options Friday, buying nearly 11,500 shares for almost $97,500. After forfeiting nearly 700 shares to cover some of his costs, Jorda sold the remaining shares and booked a profit of nearly $227,000.
Shares of Delek (Ticker: DK) were up 8 cents to $31.18 Tuesday.
The board of directors of Delek US Holdings has declared a special dividend of 10 cents per share. It's the 10th such payout since the beginning of 2012 and will be paid in mid-July to shareholders of record as of June 26. Shares of Delek (Ticker: DK) are down 12 percent so far this year.
Nashville-based Innovative Hearth Products has launched a new line of products, branded as Superior, targeting landscape architects, designers and outdoor room specialists. IHP manufactures Lennox Hearth Products and FMI Products.
The branding campaign is part of IHP’s strategic initiative to streamline and restructure its collective product lines, following the company’s fall 2012 acquisition by the Comvest Group, which included the merger of Lennox and FMI.
Under the auspices of IHP, the Superior brand expands the company’s footprint in the specialty hearth manufacturing industry.
“IHP’s new Superior brand of outdoor fireplaces with technologically enhanced features and aesthetics are designed to provide landscape architects and designers with an assortment of products to complete their outdoor room projects,” said Glenn Thomson, executive vice-president of sales and marketing for IHP.