Chattanooga gas prices up 4.5 cents per gallon
After falling through June and July, gas prices rose in Chattanooga last week by an average 4.5 cents per gallon, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.
But the local average price of $1.79 for a gallon of regular gas was still 33 cents per gallon below the U.S. average of $2.12 per gallon. Nationwide, gas prices dipped an average of a half cent per gallon in the past week so much of the increase in local prices may reflect local markets returning closer to other markets. Last week, Cleveland and Chattanooga had the lowest gas prices in the United States with prices 38 cents below the U.S. average in the end of July..
Including the change in gas prices in Chattanooga during the past week, gas prices Sunday in Chattanooga were 39.9 cents per gallon lower than the same day one year ago and are 11.4 cents per gallon lower than a month ago.
Chattanooga gas prices were still below most Tennessee cities and prices at both the Mapco and Raceway stations on Rossville Boulevard are only $1.62 per gallon on Monday - the lowest prices in the region, according to GasBuddy.com
"We expect that the prevailing price trend will resume shortly, barring any additional refinery problems in the Midwest, or, potential Atlantic hurricane activity," said Gregg Laskoski, senior petroleum analyst for GasBuddy.
Kemper plant delays cost power utility $43 million
Mississippi Power Co. said Monday that it will take at least another month to finish the multibillion dollar power plant it's building in Kemper County, pushing the completion date back to Oct. 31 from Sept. 30.
Atlanta-based Southern Co., the parent of the electrical utility, announced the delay in a stock filing after saying in July that it was re-evaluating the schedule based on testing results.
Mississippi Power spokesman Jeff Shepard said the delay will increase the cost of the plant by $43 million. The company added that amount to previously announced losses related to Kemper for the three months that ended June 30, pushing the total Kemper write-off for the quarter to $81 million.
The increase pushes the total cost of the plant above $6.8 billion. The plant and associated coal mine were originally supposed to cost $2.9 billion at most, and earliest estimates were lower. Customers could be asked to pay as much as $4.2 billion, while stockholders have absorbed $2.6 billion in losses so far.
The company began making synthetic gas from soft lignite coal beginning July 14. Southern Co. said in the stock filing that it needs time to modify equipment on the two gasifiers that convert coal into gas and achieve "sustainable operations."
Barclays Bank to pay $100 million penalty
Barclays Bank has agreed to pay $100 million to 43 states and the District of Columbia to settle allegations it improperly set key interest rates almost a decade ago, affecting payments on investments.
Monday's settlement includes $93.5 million in restitution and costs of the investigation led by the New York and Connecticut attorneys general.
Authorities say that in the global financial crisis from 2007 to 2009 the British bank lowered rates to avoid the appearance that Barclays was in financial trouble. They also say that from 2005 to 2009 Barclays traders requested rates to benefit their trading positions.
New York Attorney General Eric Schneiderma says Barclays is the first of several banks under investigation by the states to resolve claims.