Chattanooga gas prices rose another 11.4 cents per gallon last week, boosting the average price of regular gas to $2.47 a gallon, or 27,4 cents a gallon higher than the price just a month ago, according to a survey of 170 area service stations released Monday.
Prices at the pump in Chattanooga remained 32 cents a gallon below the U.S. average and were still 7.2 cents a gallon below where local gas prices were a year ago. But a combination of international disputes and Mother Nature pushed up global oil prices and local gas prices in the past week, according to surveys by the online gas price service GasBuddy.com
“For the third straight week, the national average price of gasoline has risen, following oil prices higher due to global geopolitical tensions, declining oil inventories and Hurricane Barry shut in oil production in Gulf waters,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “With Barry in the rearview, we are unlikely to see major disruptions arise, and gas prices nationally will avoid seeing much of a price rise as a result.”
Chattanooga-based Unum increases dividend 9.6%
Chattanooga-based Unum said Monday it will increase its quarterly dividend by 9.6% to 28.5 cents per share, up from the previous dividend rate of 26 cents per share.
The new dividend represents a forward yield of 3.49% and will be payable Aug. 16 for shareholders of record on July 29.
Unum Group is a leading provider of financial protection benefits in the United States and the United Kingdom and the largest provider of disability income protection in the world. The company reported revenues of $11.6 billion in 2018, and provided $7.2 billion in benefits.
Litespeed bikes displayed at White House showcase
A Chattanooga-based bicycle maker showed off its Litespeed titanium road, gravel and mountain bikes on the lawn of the White House Monday during the 3rd annual “Made in America” Showcase.
The American Bicycle Group was the Tennessee representative among 50 U.S. companies which displayed their goods at the White House at the event hosted by President Donald Trump. U.S. Rep. Chuck Fleischmann, R-Tennessee, attended the White House event to help recognize the business from his hometown.
“I applaud Litespeed Bicycles for their dedication to preserving the American standard of manufacturing and for illustrating the innovative spirit of hardworking Tennesseans,” Fleischmann said. “Over the past 30 years, Litespeed has embodied the power of small businesses and the promise of American entrepreneurship.”
This marked the second consecutive year in which a Chattanooga business represented Tennessee in the annual showcase of American-made goods. Last year, the Chattanooga Bakery Co., showed off its Moonpies on the State Floor of the White House while other products were displayed on the south lawn.
For a product to qualify for the showcase and be called “Made in the USA,” the product must be “all or virtually all” made in the United States, according to the Federal Trade Commission.
White House blasts Facebook currency
The Trump administration came out strongly Monday against Facebook’s ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism.
Treasury Secretary Steven Mnuchin expressed “very serious concerns” about the currency proposed by the social network giant, to be called Libra. “This is indeed a national security issue,” Mnuchin told reporters at the White House.
Facebook has “a lot of work to do before we get to the point where we’re comfortable with it,” Mnuchin said.
On Tuesday, Congress begins two days of hearings on Facebook’s Libra plan. The head of the Federal Reserve also raised an alarm about the plan last week.
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