Ohio gas prices fall

Ohio gas prices fall

YOUNGSTOWN

Gas prices in Ohio have fallen 6 cents since last week, the first drop in five weeks, but they jumped 3 cents in the Mahoning Valley.

The average price for regular gas is $3.79 a gallon in Monday’s survey from auto club AAA, the Oil Price Information Service and Wright Express. Last Monday’s average was $3.85.

Ohio drivers were paying about $3.53 this time last year.

In Youngstown, however, the average price for regular gas is $3.83, up from $3.80 a week ago.

Nationwide, gasoline prices have jumped to an average of $3.83 per gallon, 31 cents more than a month ago.

Signs of an improving U.S. economy has bolstered investor confidence and contributed to a rise in crude-oil prices. Higher gasoline prices could crimp the economy by shrinking the amount of money people have to spend, analysts say.

Partnership lauded

YOUNGSTOWN

U.S. Rep. Tim Ryan of Niles, D-17th, and U.S. Sen. Sherrod Brown, a Democrat from Avon, on Monday applauded the new partnership between the Youngs-town Business Incubator and the Entrepreneurial Center of Hudson, or TECHudson.

“The collaboration with TECHudson will broaden the impact of the more than 300 employees and 25 businesses already working with the YBI, and helps to set the stage for even more innovative programs down the line,” Ryan said.

The agreement, which aligns the business operations of the two incubators, the first such pact in Northeast Ohio, allows clients of both incubators to receive significant operational support and universal business methodologies for growth.

“Today’s signing of an unprecedented agreement between the Youngstown Business Incubator and TECHudson will help bolster Ohio’s role as a national leader in the successful development and launch of new small businesses,” Brown said.

According to an independent report commissioned by the Economic Development Administration, every $10,000 in EDA funds invested in business incubators generates an estimated 47 to 69 local jobs.

US government sells off final securities

WASHINGTON

The U.S. Treasury Department has sold off the final portion of $225 billion in mortgage-backed securities it purchased during the height of the financial crisis.

Treasury said Monday that the sales of securities issued primarily by troubled mortgage companies Fannie Mae and Freddie Mac have netted the government $25 billion in interest. The government began selling its securities one year ago. The final sales were completed last week.

“The successful sale of these securities marks another important milestone in the wind down of the government’s emergency financial-crisis efforts,” said Mary Miller, Treasury’s assistant secretary for financial markets.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 22.00 —.04

Avalon Holdings,4.4999.2099

Clear Channel, .77 70.62 —.32

Cortland Bancorp, 8.00.00

Farmers Nat., .125.97 .03

First Energy, 2.20, 44.09—.41

FirstMerit Corp., .64,17.29 .08

First Niles Financial, .32,8.25.00

First Place Fin., .75—.10

FNB Corp., .48,12.44.09

General Motors,25.39—.18

General Electric, .68,20.21.01

Motors Liquidation, .0422.00

Huntington Bank, .16, 6.49.06

JP Morgan Chase, 1.00,45.00.43

Key Corp, .12,8.66.12

LaFarge, 12.14 .06

Macy’s, .80, 39.62—.11

Parker Hannifin, 1.56, 89.58—.57

PNC, 1.40,63.64.22

RTI Intl. Metals,23.84.46

Simon Prop. Grp.,3.80,143.581.68

Stoneridge 10.60 .00

United Community Fin. 1.80.19

Selected prices at 4 p.m. Monday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.