Chattanooga gas prices rose another 1.1 cents per gallon last week, pushing up the average price of regular fuel to $2.35 a gallon, or 10.9 cents a gallon higher than a month ago.
Patrick DeHaan, head of petroleum analysis at GasBuddy, said concerns over Iran and OPEC extending production cuts helped push up global oil prices and prices as the pump.
"Look for another week of gradual increases in gasoline prices, but without a another round of clearly defined upside in oil prices, we may see this current upward trend begin to slowly fade away in the next few weeks," DeHaan said Monday.
Despite the rise in prices in the past month in Chattanooga, local gas prices remain 40 cents per gallon below the U.S. average and 21.8 cents below where local prices were a year ago.
Kohl's to accept Amazon returns
Kohl's said Monday that it was now accepting Amazon returns at its more than 1,100 stores after running a pilot program in 100 locations. The retailer, which will pack, label and ship the returns for free, expects the program to benefit millions of shoppers along with bringing more people into their stores, Kohl's CEO Michelle Gass said.
The retailer tested the program, which has been closely watched by the industry and has elevated Gass' profile, for about 18 months. It timed its national rollout to the back-to-school shopping season.
"It's an interesting marriage because what Kohl's needs is store traffic, and what Amazon needs is to make customers happier with a place to return their items," said Oliver Chen, a retail analyst at Cowen. "The dream is that it's a fair but attractive split where that shopper will come in and purchase other items."
Borrowing rises 5% during May
U.S. consumers borrowed more on their credit cards in May and also took out more student and auto loans, a modest sign of economic health.
The Federal Reserve said Monday that consumer borrowing increased 5% that month, just below April's 5.2% rise. Total outstanding consumer debt, which excludes mortgages, stood at nearly $4.1 trillion in May.
Steady increases in consumer borrowing echo other recent data showing that consumers remain confident in the economy and willing to spend. Retail sales rose for the third straight month in May. Consumer confidence, as measured by the Conference Board, a business research group, is at historically high levels, though it slipped in June.
Consumer credit is monitored by many economists because consumer spending powers about two-thirds of U.S. economic activity.
Saudi airline scraps Boeging 737 order
Boeing's campaign to restore the reputation of its best-selling plane after two deadly crashes suffered a blow with a Saudi airline canceling an order worth up to $5.9 billion in favor of a European rival of the U.S. manufacturer.
Flyadeal, the budget airline arm of Saudi Arabian Airlines Corp., ordered 30 A320neo jets from Airbus and took options on 20 more, meaning that its entire fleet will consist of planes from that company.
It's a potentially troubling sign for Boeing, which has not seen customers divert orders to Airbus en masse.
A small number of airlines have threatened to cancel 737 Max orders since crashes off the coast of Indonesia and in Ethiopia killed 346 people. The Max has been grounded since March.
Officials with Indonesia's Garuda said in March that they were canceling the remaining 49 of a 50-jet Max order. Published reports suggest the airline and Boeing are in talks, however, and Boeing still lists the last 49 Garuda orders on its website.
Similarly, the owner of Lion Air - the Indonesia airline whose Max jet was involved in the first fatal crash in October - vowed to cancel. Boeing still lists the airline's 187 unfilled orders as active.
| Lowest Gas Prices in Chattanooga |
| Chattanooga Gas Prices provided by GasBuddy.com |