U.S. gasoline futures, on a tear since mid-January, show no sign of slowing down, with refinery outages and low imports keeping supplies tight and traders gearing up for looming strong demand with the onset of the summer driving season.
The rally in futures has already helped push pump prices higher, though analysts say U.S. drivers won't see the kind of record retail prices seen in the wake of Hurricane Katrina in 2005. They expect about a further 10 percent run-up in futures prices, which should keep pump prices below $3 a gallon, before refineries start to churn out more gasoline in time for the summer.
Nationally, the price of a gallon of regular self-serve unleaded gasoline averaged $2.591 on Tuesday, up from $2.581 a day earlier, AAA said in its Daily Fuel Gauge report. A month ago, national gasoline prices averaged $2.337.
In Nevada, gasoline prices averaged $2.894 on Tuesday, down from $2.897 a day earlier, AAA said. A month ago, Nevada gasoline prices averaged $2.560.
In Las Vegas, prices averaged $2.85 Tuesday, down from $2.852 a day earlier, AAA said. A month ago, Las Vegas gasoline prices averaged $2.508.
NEW YORK
Group seeks to block Sierra Health buyout
A consumer group has asked the Department of Justice to block UnitedHealth Group's proposed purchase of Sierra Health Services because it said it will limit patient choice.
Consumers for Health Care Choices wrote Attorney General Alberto Gonzales a letter on Monday that said, "There is already far too much concentration in the hands of a few giant players in health care. Greater concentration means less competition and that is bad for consumers."
In a statement, UnitedHealth Group said the deal "will provide the people of Nevada with the advantages of a full range of affordable services and access to a broader network of quality physicians and hospitals.
UnitedHealth announced this month that it had agreed to purchase Las Vegas-based Sierra Health Services for about $2.6 billion.
Hilton Grand Vacations to build in Henderson
Hilton Grand Vacations said Tuesday it plans to build 200 time share units and a 50-unit Waldorf Astoria fractional ownership project at Lake Las Vegas, the golf course resort in east Henderson.
The project will be developed on about 18 lakefront acres overlooking the 17th and 18th holes at the Reflection Bay Golf Course, designed by Jack Nicklaus.
The project is being designed. Construction is to start in early 2008. An opening is projected for fall 2009.
Hilton Grand Vacations, a subsidiary of Hilton Hotels Corp., also has a time share development on the Strip near Sahara Avenue and at the Las Vegas Hilton.
Wal-Mart increases charitable giving
Wal-Mart Stores increased its U.S. charitable giving 10 percent last year to $272.9 million, the world's largest retailer said Tuesday, likely defending its position as the country's largest corporate donor of cash.
In Nevada, the company gave nearly $3.6 million. Wal-Mart's customers and associates contributed more than $750,000 in Nevada through company-sponsored fundraisers.
The rate of charitable-giving growth was lower than a year earlier, when Hurricane Katrina relief helped push the annual increase to 19 percent, but it was ahead of Wal-Mart's 7 percent increase in net profit last year. The company's profit for the fiscal year ended Jan. 31 was $12.2 billion.
CHICAGO
Union coalition bids for higher worker pay
A coalition of unionized workers on Tuesday asked United Airlines' parent company to increase compensation for employees and move up collective bargaining dates.
The statement from a leaders of five unions, representing about half of the airline's 55,000 employees, came one day after the carrier's parent company disclosed in a regulatory filing that its chief executive received compensation valued at $39.7 million in 2006.
Elk Grove Village-based UAL Corp. emerged from bankruptcy in February 2006.
ROANOKE, Va.
ITT will pay penalty for sending gadgetry
ITT Corp. has agreed to pay a $100 million penalty for illegally sending classified night-vision technology used in military operations to China and other countries, U.S. Attorney John Brownlee announced Tuesday.
ITT, the leading manufacturer of night-vision equipment for U.S. armed forces, will plead guilty Thursday in U.S. District Court to two felony charges, Brownlee said at a news conference. One count is export of defense articles without a license and the other is omission of statements of material facts in arms exports reports.
REDMOND, Wash.
Microsoft to sell Xbox with bigger hard drive
Microsoft Corp. will sell a version of its Xbox 360 with a 120-gigabyte hard drive and a souped up high-definition video connection, in a bid to broaden the appeal of its popular console beyond video games.
Earlier versions of Xbox 360 came with 20 gigabytes of storage.
The new Xbox 360 Elite will sell for $479.99. Consumers who already own the $399.99 20-gigabyte model will be able to buy a snap-on 120-gigabyte hard drive for $179.99. The console and the drive are expected on U.S. shelves April 29.
NEW YORK
Bond prices fall after Fed officials comment
Treasury bond prices ended mostly lower Tuesday after two Federal Reserve officials said that the risk of inflation outweighs the risk of an economic slowdown.
At 5 p.m. EDT, the 10-year Treasury note was down 63 cents per $1,000 in face value, or 0.06 points, from its level at 5 p.m. Monday. Its yield, which moves in the opposite direction, was static at 4.61 percent.
The 30-year bond fell 0.06 points. Its yield rose to 4.81 percent from 4.80 percent.
