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Gas prices in Chattanooga remain lower than US average and more business stories




Local gas prices lower than the US average

The price of regular gasoline in Chattanooga remains 33 cents per gallon cheaper than the U.S. average and 45.2 cents per gallon below fuel prices a year ago, according to GasBuddy’s daily survey of 170 stations.

Gasoline prices in Chattanooga rose by less than a penny per gallon last week to an average of $ 1.83 per gallon, compared to the average US price of $ 2.16 per gallon for regular fuel.

“Average gasoline prices remain largely limited as the tug of war between market forces continues to keep prices confined near current levels,” said Patrick De Haan, head of petroleum analysis at GasBuddy .

“On the one hand, the coronavirus situation would lower prices as the demand for gasoline since the start of the year is 13% lower than last year, but on the positive side there is the possibility of an economic stimulus that could stimulate households before the election if the two sides can agree. For now, with little action on either of these issues, the Oil markets are the subject of a fair amount of speculation and rocking, and this will continue until we have a clear answer on whether Washington will provide more economic aid to hit Americans. “

COVID-19 costs $ 16 trillion

The COVID-19 pandemic will cost the United States $ 16 trillion – four times the cost of the Great Recession – adding the costs of lives lost and health to the direct economic impact, according to former US Treasury secretary Lawrence Summers and his Harvard colleague University economist David Cutler.

About half of that amount is linked to the loss of gross domestic product due to economic shutdowns and the continued spread of the virus, while the other half comes from health losses, including premature deaths and mental disorders and long-term health, wrote Cutler and Summers. in an essay published online Monday in the Journal of the American Medical Association.

“The immense financial loss from Covid-19 suggests a fundamental rethinking of the role of government in pandemic preparedness,” the authors wrote. “Currently, the United States is prioritizing spending on short-term treatment, with much less spending on public health services and infrastructure.

The amount of $ 16 trillion is equivalent to about 90% of the annual GDP of the United States; it’s also more than twice as much as the United States has spent on wars since Sept. 11, 2001, including those in Afghanistan, Iraq and Syria, according to the essay.

Opioid maker must pay $ 1.6 billion in fines

Connecticut Attorney General William Tong announced Monday that generic opioid maker Mallinckrodt has agreed to a $ 1.6 billion settlement to resolve a series of lawsuits that have been brought in response to tens of thousands of Fatal opioid overdoses across the country, fueled in part by prescription drugs.

Exactly how the money will be distributed remains under negotiation, Tong said, but the regulations and pressures from the COVID-19 pandemic have led the drugmaker, one of the largest suppliers of generic opioids, to to file for bankruptcy this week.

Mallinckrodt is the largest generic opioid manufacturer in the country.

“For years, they balanced their activities on the back of a product they knew was dangerous and deadly,” Tong said. As Mallinckrodt collapses and declares bankruptcy, this deal ensures that $ 1.6 billion will be placed in a trust and used to directly treat the pain, suffering and trauma caused by the opioid epidemic. “

As part of the settlement, Mallinckrodt has agreed to put the money into a trust, which will be used to respond to the opioid epidemic and help respond to individual claims against the company for its role in the crisis, the office said. of Tong.

Disney focuses more on streaming activities

Disney said on Monday it was reorganizing its business units to focus even more on streaming.

The company said in August that its Disney Plus service has more than 60 million subscribers and subscribers to its main combination of streaming services – Disney Plus, ESPN Plus and Hulu – top 100 million. He is still planning to launch another international streaming service called Star.

The coronavirus pandemic has hit box office revenues by shutting down many theaters and Americans continue to drop their cable subscriptions, affecting the company’s television networks.

So the company is creating three content branches, one for sports, general entertainment, and famous brands like Star Wars and Marvel. Their main focus will be to create shows and movies for streaming services, Disney CEO Bob Chapek said in a statement. Meanwhile, a new distribution group will centralize how content is sold and oversee streaming operations.

Disney is one of a slew of new streaming services from tech and entertainment companies – like NBCUniversal’s Peacock and WarnerMedia’s HBO Max – that are challenging Netflix for consumers’ attention and money.

British Airways cuts 13,000 jobs

British Airways has said it will cut 13,000 jobs as the coronavirus pandemic hits the airline industry. On Monday, he announced that another job was in progress: that of general manager.

Alex Cruz, chief executive and chairman of British Airways, will step down as chief executive immediately, the airline’s parent company IAG said. He had held the position for four and a half years.

The sudden change in direction comes as British Airways, like much of the rest of the travel industry, urgently tries to stay afloat. The spread of the coronavirus and the resulting travel restrictions have hit airlines hard, especially long-haul carriers. Last month, IAG said it saw “an overall stabilization in bookings” after a brief pickup in the summer. He said he plans to fly even less for the rest of the year and next than he previously planned.

Cruz, 54, will be replaced by Sean Doyle, who runs Aer Lingus, an IAG airline based in Ireland.

– Compiled by Dave Flessner

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