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Dallas Fed's Fisher, Philadelphia Fed leaders to retire in 2015

WASHINGTON — The outspoken president of the Federal Reserve Bank of Philadelphia will step down in March, shortly before the central bank is expected to raise interest rates for the first time since the recession, the regional bank said Monday.

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RadioShack sees stock jump on investment report

Fort Worth-based RadioShack saw its stock increase as much as 45 percent on Friday as investor Standard General LP said it was continuing talks on new financing for the electronics retailer.

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Fort Worth couple gets in 'Shark Tank,' comes out with deal

A Fort Worth couple who started a business when they couldn’t sleep, were the first entrepreneurs to get a deal on ABC’s Shark Tank in the season premiere on Sept. 26.

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Internal audit says EPA mismanaged Fort Worth project

FORT WORTH, Texas (AP) — An internal audit by the U.S. Environmental Protection Agency reveals the agency mismanaged an experiment using new ways to demolish asbestos-ridden buildings.

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Weatherford's Wild Mushroom to open in Fort Worth's Ridglea Village

Weatherford restaurant staple The Wild Mushroom Steak House & Lounge will be coming to Fort Worth in November, moving into the former site of Ray’s Steakhouse at to 3206 Winthrop Ave. in the Ridglea Village Shopping Center.

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Scant relief: Summer gas price to dip a penny

JONATHAN FAHEY, AP Energy Writer

NEW YORK (AP) — Drivers will get the slightest of breaks on gasoline prices this summer, according to the Energy Department.

The national average price is forecast to fall — by just one cent — to $3.57 a gallon between April and September, the months when Americans do most of their driving.

Still, that would be the lowest average summer price since 2010.

For the year, the department's Energy Information Administration expects gasoline to average $3.45 a gallon, down from $3.51 last year and also the lowest since 2010.

World demand for oil is growing, but supplies are growing faster than demand, thanks to higher production in the U.S., Canada and elsewhere. That will keep a lid on the price of crude and gasoline.

The price of Brent crude, a benchmark used to price oil used by many U.S. refineries and the most important factor in gasoline prices, is forecast to fall 4 percent this year.

U.S. drivers are expected to burn slightly more gasoline than they did last year, according to the EIA. More people will drive more miles as the economy continues to improve, but they are driving more fuel efficient cars. That will prevent gasoline demand from rising as fast as the number of miles driven.

EIA Administrator Adam Sieminski warned in a conference call with reporters Tuesday that unexpected factors such as refinery outages, pipeline problems or geopolitical events that disrupt crude flows could send prices quickly higher.

The sudden return of supplies could also send prices lower. The average price of gasoline last summer was five cents lower than what EIA had forecast last spring.

Sieminski said that the amount of oil kept out of the market because of political unrest and logistical factors around the world is far higher now than in the past. Turmoil in Libya, Sudan and elsewhere is keeping about 2.5 million barrels per day of oil off the market, about 3 percent of world demand, up from 500,000 barrels historically, he said.

That has kept the price of Brent crude higher than anticipated in recent months, and it has led to slightly higher gasoline prices than forecast.

The average price of gasoline in the U.S. was $3.59 a gallon Tuesday, the same as last year at this time, according to AAA, OPIS and Wright Express. It has risen steadily since it was $3.27 in early February, as it does almost every late winter and early spring while refiners shut down plants for annual maintenance and switch to more expensive summer blends of gasoline designed to meet clean air rules.

Tom Kloza, chief oil analyst at OPIS and GasBuddy.com, predicts gasoline will continue to rise slightly until it peaks at about $3.65 a gallon in late April, before drifting lower.

 

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What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?