Chattanooga gas prices up but below a year ago
Gasoline prices in Chattanooga rose last week as the summer driving season began, but analysts still expect fuel prices to remain below last year throughout the summer.
The average price of regular gas rose 8.7 cents per gallon in the last week to $3.12 per gallon, according to GasBuddy's survey of 170 stations in Chattanooga. Prices in Chattanooga are up nearly 9 cents a gallon in the past month, but they still remain more than $1.04 a gallon below where they were last year.
Chattanooga fuel prices, on average, are also 43 cents a gallon below the U.S. average, GasBuddy.com said.
"Gasoline prices have drifted higher in the last week due to some relatively minor refinery kinks and low gasoline supply, but it may not be a trend that lasts too much longer," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a report released Tuesday. "As we unofficially start the summer driving season, the national average is likely to spend much of the summer in the range of $3.35-$3.85 per gallon, though it could go higher if unexpected refinery outages flare up, or we see a major hurricane or economic development. While gasoline prices have inched up slightly, we're still faring much better than we did last year."
The national average price of diesel has fallen 4.9 cents in the last week and stands at $3.91 per gallon.
NTSB probes brakes on Freightliner trucks
The U.S. government's highway safety agency is investigating complaints that the automatic emergency braking on big Freightliner semis can stop the trucks unexpectedly for no apparent reason.
It's at least the third recent investigation by the National Highway Traffic Safety Administration into glitches with the technology, which has the potential to save lives because it can make vehicles stop or slow down for stopped or slowed traffic.
The probe covers about a quarter-million trucks made by Daimler from the 2017 through 2022 model years.
The agency says in documents posted on its website Tuesday that it has 18 complaints from owners alleging that brakes on Freightliner Cascadia trucks can come on without an obstacle in the road.
Consumer confidence declines again in May
Consumer confidence fell in May as Americans, particularly older ones, became more pessimistic about the labor market, on top of elevated anxiety over inflation.
The Conference Board reported Tuesday that its consumer confidence index fell to 102.3 in May from 103.7 in April. It's the fourth time in five months that overall U.S. consumer confidence has declined. The business research group's present situation index — which measures consumers' assessment of current business and labor market conditions — fell to 148.6 from 151.8 last month.
The board's expectations index — a measure of consumers' six-month outlook — ticked down slightly.
Prosecutors dismiss FTX founder claims
New York prosecutors say Sam Bankman-Fried's lawyers made meritless arguments in a bid to convince a judge to toss out criminal charges alleging that the FTX founder stole from investors in his multibillion dollar cryptocurrency fund.
Prosecutors filed papers late Monday in Manhattan federal court. Their arguments responded to early-May filings in which Bankman-Fried's lawyers insisted that the federal government overreached in its case against Bankman-Fried, making federal crimes out of regulatory issues.
Bankman-Fried has been living with his parents in Palo Alto, California after posting a $250 million personal recognizance bond after his December extradition from the Bahamas.
— Compiled by Dave Flessner