The average per-gallon price of regular gas in Nashville on Sunday was $3.12, up four cents from the mark of a week ago and down five cents from the $3.17 figure from a month ago, according to AAA The Auto Club Group.
Relatedly, Tennessee’s average price was $3.11 Sunday, up five cents compared to the figure from the previous week.
Multiple factors pushed the price for a barrel of oil to more than $100 last week. As a result, retail gas prices will likely move higher this week and into 2014, AAA reported.
Oil prices jumped to $100 for the first time in two months after a government report showed supplies for oil, gasoline and heating oil fell as demand increased, AAA reported. Crude inventories decreased by 4.8 million barrels, according to the Energy Information Administration. At the same time, U.S. refineries are operating at 93 percent capacity, the most since July. The value of the euro gained 1.5 percent on the dollar, increasing the appeal of crude oil as a commodity and helped to push prices higher, AAA reported.
"There's a lot of upward momentum on oil prices right now, and it's expected to continue into January,” Jessica Brady, AAA spokesperson, said in a release. "The jump in crude prices means more expensive gasoline. The increased demand is taken as a sign the economy is improving and fuels optimism that the growth will continue in the new year. Motorists will see gas prices increase for the next few weeks before relief is in sight."
Nationally, the average price of regular unleaded gasoline was $3.31 as of Sunday, seven cents more than the figure of the previous Sunday.
For comparison with Tennessee’s average of $3.11, Georgia’s average price for a gallon of regular gas was $3.21 yesterday, an increase of three cents compared to the mark of the previous Sunday. Florida's average of $3.39 as of yesterday also represented a rise of three cents.
Louisiana-Pacific has secured a $200 million revolving credit line from a bank group led by American AgCredit and CoBank, which both specialize in lending to agricultural ventures. The new financing replaces a $100 million revolver LP (Ticker: LPX) had had since 2009.
Analysts at Moody's Investors Service have placed the debt ratings of Noranda Aluminum Holdings under review for downgrade, saying the Franklin-based company "will face challenges in returning to and sustaining more robust metrics without meaningful improvement in its cost position or reduction in debt balances." The low prices of aluminum products on world markets have been a big drag for Noranda, which has launched a second cost-cutting program that aims to save $225 million by 2016.
Word of Moody's move didn't do Noranda shares (Ticker: NOR) a lot of good. They stumbled out of the gate and kept falling into the afternoon until they were off more than 10 percent at $2.31. That put them within shouting distance of their all-time low set in October.
United Auto Workers members in Spring Hill last week voted to approve with General Motors a new contract that will bring another 384 jobs here. The new positions cover a variety of work and are on top of the 1,800 people GM said this summer it planned to hire locally. The agreement — see the highlights here — also sets the stage for Spring Hill to receive two new "core products" — and presumably, some more jobs — in the near future. Local 1853 Shop Chairman Mike Herron tells Chambers Williams there's no way to tell when that will be and that it will happen "when the company decides the timing is right."
For a second straight year, industrial employment in Tennessee posted a gain, according to the 2014 Tennessee Manufacturers Register. The state added 4,197 manufacturing jobs from September 2012 to September 2013, a increase of about 1 percent, in line with the 1 percent gain reported in last year’s survey and slightly ahead of the national average increase as reported by the U.S. Labor Department.
Relatedly, Manufacturers’ News reports Tennessee is now home to 6,990 manufacturers employing 385,858 workers.
Read more here.
Ingram Publisher Services has named three new directors, one of whom is a new hire. Gonzalo Ferreyra comes to Ingram Publisher Services with 24 years of experience and will be its director of acquisitions for full-service distribution. He has 24 years of experience in the book industry and has worked at Weldon Owen Publishing, VIZ Media, Ten Speed Press and Borders Group. The other new directors are Carter Holliday, who moves over from fellow Ingram Content Group company Lightning Source to be director of acquisitions for third-party logistics and Ingram Content Group services, and Leah Rex, who has been promoted to director of client relations after working the job Ferreyra now holds. Rex will succeed VP of Client Relations Karen Cross, who will retire in January.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR