News Briefs - Nov. 22
The Latest Headlines:
- Lundberg: Gasoline Prices Fall 5 Cents in Last Two Weeks
- Senate Confirms Majoras to Head Federal Trade Commission
- PMA Says Backlog at California Ports Cleared
- Stonepath Delays 3Q Filing
- Senate Confirms Majoras to Head Federal Trade Commission
Lundberg: Gasoline Prices Fall 5 Cents in Last Two Weeks
Gasoline prices in the United States declined about five cents over the past two weeks to an average of $1.96 a gallon, according to the Lundberg Survey of 7,000 stations nationwide.Trilby Lundberg, the publisher of the survey, told the Associated Press prices have been declining because of lower crude oil prices and because of a traditional dip in gasoline consumption in the winter months. Trucking burns about 290 million gallons of gasoline each week.
The survey found the price of self-serve regular on Nov. 5 was $1.96 per gallon, mid-grade was $2.06 a gallon and premium was $2.16 per gallon.
Senate Confirms Majoras to Head Federal Trade Commission
Deborah Platt Majoras won Senate confirmation to serve as chairwoman of the Federal Trade Commission until 2008, Bloomberg reported.In August, President Bush gave Majoras a temporary appointment, which was set to expire at the end of 2005.
Sen. Ron Wyden (D-Ore.) previously blocked her nomination because he said under Majoras's leadership, the FTC would become more aggressive in blocking oil industry mergers that he said led to higher gasoline prices, Bloomberg reported.
However, in a statement Wyden said Majoras assured him she would "get to the bottom of why consumers in my part of the country are paying such high gasoline prices." Transport Topics
PMA Says Backlog at California Ports Cleared
James McKenna, president of the Pacific Maritime Association, said that the cargo backlog at Southern California ports has been cleared, Bloomberg reported.The backlog started in July at the ports of Los Angeles and Long Beach and flared again in October, McKenna said. A surge of imports from Asia fueled the delays.
Despite adding workers and diverting some traffic, more than 90 ships were waiting at the ports last month as companies shipped holiday goods to the United States, Bloomberg said. Transport Topics
Stonepath Delays 3Q Filing
Logistics provider Stonepath Group said Nov. 17 that it would delay filing third-quarter earnings until it finished the previously announced amendment to 2003 and 2004 first-half earnings.The company also said it expected net income between 2002 and 2004 to be reduced by about $12 million.
Stonepath said Sept. 20 it would restate earnings because it understated purchased transportation costs by relying on trend analysis instead of actual freight costs incurred.
Subsequently, four law firms filed class-action lawsuits against the company and three of its top officers alleging they misrepresented accrued liability and costs, rendering the company’s financial statements materially false and misleading.
For the period ended Sept. 30, Stonepath expected to post net income ranging from a $500,000 loss to a $500,000 gain on revenues of about $110 million. Transport Topics
