The retail price of gasoline fell over the past two weeks, reflecting declines in the cost of crude oil and seasonal demand, an industry analyst said Sunday.
The average price of gas at the pump nationwide on Friday was about $1.50 per gallon, down 2.26 cents from Feb. 9, according to the Lundberg Survey of 8,000 stations.
The drop was most dramatic in the Midwest, where the price fell more than 8 cents a gallon. The exception was the West Coast, where prices rose more than 3 cents a gallon, said industry analyst Trilby Lundberg.
"For the nation at large, the gasoline supply is adequate and the national average price is 4 cents above the year-ago level," industry analyst Trilby Lundberg said.
The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was $1.46 for regular, $1.56 for mid-grade and $1.65 for premium.
Baby Jaguars to hit showrooms
DETROIT (AP) -- Mercedes-Benz, Audi and BMW, watch your back. A baby Jaguar soon will be stalking your every move.
Believing the entry-level luxury car market is fair game, Jaguar looks to claw its way in with its four-door, compact X-Type sedan the Ford Motor Co. subsidiary will debut Tuesday at the Geneva Auto Show.
The fourth breed of Jaguar -- the England-based carmaker's first with standard all-wheel drive -- should reach U.S. showrooms this summer as a 2002 model with prices starting at $29,950, a level Jaguar hopes draws mass appeal.
Previously, the least expensive Jaguar on the market was about $44,000.
Home sales decline 6.6%
WASHINGTON (AP) -- Americans, less confident about the nation's economy, pushed existing-home sales down in January to their lowest level in a year.
The National Association of Realtors reported today that sales of previously occupied homes fell for the second straight month, declining by 6.6 percent to a seasonally adjusted annual rate of 4.65 million. That marked the lowest level since a rate of 4.54 million in January of last year.
Economists said lower consumer confidence, stock market volatility, higher energy prices and slower job growth are all factors in the drop in existing-home sales.
AT&T to sell Time Warner stake
NEW YORK (Bloomberg) -- AT&T Corp. is expected to take initial steps toward selling its 25.5 percent stake in Time Warner Entertainment Co. to the public because it isn't satisfied with AOL Time Warner's offer to buy the shares, the Wall Street Journal reported.
AOL is offering $9 billion to $10 billion to buy the stake, the paper reported, citing unidentified people familiar with the matter. Along with that price, AOL is seeking several agreements related to cable systems, Internet access and programming.
AT&T is balking at the demands. The largest U.S. long-distance telephone company has the right to register its Time Warner stake for an initial public offering during a 60-day window that occurs every 18 months. The current window ends Wednesday, the paper reported.
A public sale of the stake isn't likely to occur even if it is registered for sale, the paper reported. By registering the shares, AT&T and AOL have to hire an investment banker to value the stake. AT&T, which must sell the holding for regulatory reasons, believes it has the right to force AOL to buy the shares for the appraised value, the paper reported.
Alstom wins GM train contract
HORNELL (AP) -- Alstom Transportation has secured a contract to build 23 passenger locomotives for General Motors' Electromotive Division.
The locomotives will be built in Alstom's Hornell Car Shop -- where the Erie and Erie-Lackawanna railroads overhauled steam and freight locomotives for decades.
The contract is seen locally as a milestone, as locomotives have been overhauled and finished here but rarely if ever assembled from scratch.