Local gas prices dip after hurricanes
After Hurricane Harvey pushed up gas prices by nearly 50 cents per gallon in the previous three weeks, Chattanooga motorists got a slight reprieve in the price of fuel at the pump last week and should enjoy lower prices as markets stabilize this fall.
The average retail price of a gallon of regular gas in Chattanooga fell by 2.8 cents per gallon in the past week, averaging $2.54 per gallon at the start of this week, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. Despite the weekly drop, however, gas prices in Chattanooga are still up by 48.4 cents per gallon in the past month and are only 6 cents per gallon below the U.S. average. Chattanooga gas prices are up 38.2 cents per gallon from the same time a year ago.
But Patrick DeHaan, senior petroleum analyst for GasBuddy, said fuel prices should ease in coming weeks as markets get back to normal following the storm disruptions.
"With refineries continuing to get back online and with demand cooling off from the summer months, this week could see some of the largest drops in gas prices in many months," he said.
Foxconn gets $3 billion in Wisconsin subsidies
Gov. Scott Walker signed a $3 billion incentive package Monday for Foxconn Technology Group to build a flat-screen plant in southeastern Wisconsin, a deal he says will provide thousands of jobs for generations.
The Wisconsin Economic Development Corporation must still finalize a contract next week with Foxconn to execute the provisions in the incentives.
The bill provides nearly $3 billion in cash to Foxconn if it invests $10 billion and employs 13,000 people at the new plant. The measure provides $150 million in sales tax exemptions on construction equipment and allows the company to build in wetlands and waterways.
GM workers strike at Ontario plant
Workers at a General Motors plant in Ontario where the popular Chevrolet Equinox compact SUV is made went on strike late Sunday as negotiators failed to reach agreement on a new contract.
Mike Van Boekel, Unifor Local 88 GM Unit chairperson, had said earlier during the weekend that the situation was "a long way from great," but he indicated that the union was prepared to keep working toward a deal until the strike deadline.
Jennifer Wright, a spokeswoman for General Motors Canada, said the contract talks "made very positive progress on several issues" and GM " is disappointed that we were not able to complete a new agreement."
Homebuilder sentiment declines in September
U.S. homebuilders are feeling less optimistic about their sales prospects, reflecting concerns that rebuilding efforts following hurricanes Harvey and Irma will drive up costs for construction labor and materials. Even so, builders' overall view of the new-home market remains positive.
The National Association of Home Builders/Wells Fargo builder sentiment index released Monday slipped to 64 this month. That's down three points from a downwardly revised reading of 67 in August.
Wire reports