ADVERTISEMENT
ADVERTISEMENT

Gas prices fall to 6-month low

Gas prices fell another 2.7 cents per gallon last week in Chattanooga, dropping to the lowest level in nearly six months and 60.3 cents a gallon less than a year ago.

The average price of gas at the start of this week in Chattanooga was $1.69 per gallon for regular fuel, according to GasBuddy's daily survey of 170 stations. Gas prices in Chattanooga average 40 cents a gallon less than the U.S. average of $2.09 per gallon.

"As expected, previous weakness in oil has continued to translate into falling gasoline prices nearly nationwide as motorists cast their ballots last week, but the six week trend could reverse on optimism that President-elect Biden may move quickly to get organized and Sen. Majority Leader McConnell has said stimulus is high on his agenda, aiding the economy and oil demand," said Patrick De Haan, head of petroleum analysis for GasBuddy. "I could see pessimism and lower prices return, but for now, it appears that a solid dose of optimism may soon drive prices up."

 

TVA cutting a slot in Chickamauga Dam

Over the next few months, the Tennessee Valley Authority says it will be making a slot cut in the Chickamauga Dam to relieve stresses due to concrete growth in the 80-year-old structure.

While TVA's dam safety team is doing the work, the utility said in a facebook post that "some water wil stream out of the cut.

"This is expected and the stability of the dam is not affected," TVA said.

Since the Chickamauga Lock was built in 1940, the local rock aggregate used in the concrete mix has combined with water to create a kind of concrete growth that has put extra pressure on the dam and its lock, forcing repairs on the lock chamber and the slot cut in the dam.

 

Transmission leaks spurs GM recalls

General Motors is recalling more than 217,000 cars and SUVs in the U.S. and Canada because transmission oil can leak, causing them to stop moving or possibly catch fire.

The recall covers certain versions of the 2018 through 2020 Chevrolet Equinox and Traverse as well as the GMC Terrain. Also included are the 2018 Chevrolet Malibu and 2018 and 2019 Chevrolet Cruze and Buick LaCrosse, as well as the 2019 through 2020 Buick Encore and Enclave, the Cadillac XT4, GMC Acadia and Chevrolet Blazer. The 2020 Cadillac XT6 also is covered.

GM says in government documents posted last weekend that two bolts may be missing from the stop-start mechanism, allowing the fluid to leak. The company says it has no reports of crashes, fires or injuries.

Dealers will inspect the mechanism and replace bolts if they're missing. The recall is expected to start Dec. 14.

 

VF Corp. buys Supreme brand

The company that owns niche brands like The North Face and Vans is adding to that portfolio with Supreme, a slick streetwear fashion brand.

VF Corp. had already been organizing collaborations between Supreme and its Vans, The North Face and Timberland brands. Terms of the acquisition were not disclosed Monday.

With the Supreme acquisition, VF is strengthening its online and direct-to-consumer business. While Supreme operates slick stores in places like Manhattan's Bowery and the Williamsburg neighborhood across the river in Brooklyn, online and direct-to-consumer sales are its strength.

Supreme is expected to add modestly to VF's revenue and adjusted earnings per share in 2021. It is expected to contribute at least $500 million in revenue and 20 cents per share of adjusted earnings next year.

— Compiled by Dave Flessner

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT