Print

Email story

Comment

Email editor

Digest

Gas price lowest since late March

By TIMES WIRES
Published September 19, 2006

WASHINGTON - The average U.S. retail price of gasoline fell by 12 cents last week to $2.50 a gallon, the lowest it has been since the end of March.

The federal Energy Information Administration said Monday that U.S. motorists paid $2.497 a gallon on average for regular grade last week, a decrease of 12.1 cents from the previous week.

Pump prices are 28.9 cents lower than a year ago, dropping by more than 50 cents a gallon since the start of August amid falling oil prices.

In the Tampa Bay area, the average price of regular unleaded gas was $2.494 on Monday, according to AAA - down from $2.922 a month earlier.

Average retail gasoline prices peaked at $3.07 a gallon last September, reflecting extreme tightness in the market following Hurricane Katrina, which knocked out refineries in the Gulf region as well as pipelines that deliver fuel to the East Coast and Midwest.

Gasoline prices were most expensive last week on the West Coast, averaging $2.806 per gallon, and cheapest in the Gulf Coast region, averaging $2.386 per gallon.

The main factor underpinning the still relatively high price of gasoline is the cost of crude oil, which has remained well above historical levels because of rising global demand and geopolitical uncertainties.

Light sweet crude for September delivery on the New York Mercantile Exchange rose 47 cents to settle at $63.80 a barrel.

Sykes Enterprises sells 4 customer contract centers

Sykes Enterprises of Tampa, which provides outsourced customer contact management solutions and services in the business process outsourcing arena, announced Monday that it has sold four U.S. customer contact management centers currently being leased by third parties.

Sykes said the after-tax cash proceeds from the sale should be about $14.5-million.

The company will use the proceeds to make a $2-million donation to the Community Foundation of Tampa Bay for future charitable contributions.

U.S. trade deficit reaches second-highest level ever

America's trade deficit increased in the spring to the second-highest level in history, reflecting a big jump in payments for foreign oil and a deterioration in the country's investment position.

The deficit in the U.S. current account rose to $218.4-billion in the April-June quarter, an increase of 2.4 percent over the first three months of the year, the Commerce Department reported Monday.

The current account is the broadest measure of foreign trade. It covers not only trade in goods and services but also investment flows between countries. The deficit represents the amount the United States must borrow from foreigners to cover the shortfall between exports and imports.

Allstate CEO Liddy will step down at end of year

Allstate chief executive Edward Liddy is stepping down at the end of this year and will be succeeded by Thomas Wilson, currently the president and chief operating officer, the insurer announced Monday.

Liddy will stay on as chairman until his retirement from the company in the spring of 2008, when he will be 62, Allstate said.

The moves were announced by the company following approval by the board of directors.

Liddy has served as chairman and chief executive officer since January 1999, a period during which Allstate's sales and stock price have increased strongly.

[Last modified September 18, 2006, 23:42:19]