Gas prices surged an average of 8 cents a gallon during a two-week period, tracking the steep climb in the cost of crude oil, according to an industry survey released yesterday.

Share story

Gas prices surged an average of 8 cents a gallon during a two-week period, tracking the steep climb in the cost of crude oil, according to an industry survey released yesterday.




With the summer driving season under way, the average retail price for all three grades of gas hit $2.24 a gallon Friday, up from $2.16 on June 10, said Trilby Lundberg of the Lundberg Survey of 7,000 gas stations around the country.




The price was 8 cents from the all-time average high of $2.32 set in April.




The jump in gas prices, spurred by crude-oil futures just below $60 a barrel, arrested a gradual slide that had been taking place at the pump since April.




According to the survey, self-serve regular averaged $2.21 a gallon, up from $2.13 from the June 10 survey. Midgrade was pegged at $2.31 nationwide, with premium-grade hitting $2.40.



Adelphia



Reorganization plan calls for $10 billion for creditors




Adelphia Communications is offering creditors more than $9.5 billion cash in a revised reorganization plan, as it seeks to emerge from bankruptcy and complete the sale of its assets to Time Warner and Comcast this year.




The filing, made Saturday in federal bankruptcy court in New York, also offers creditors shares of Time Warner.




The nation’s two biggest cable operators agreed in April to acquire Adelphia’s cable assets and some liabilities for $12.7 billion in cash and 16 percent of the common stock of Time Warner’s cable subsidiary, Time Warner Cable.




Adelphia declared bankruptcy in 2002 after disclosing $2.3 billion in off-balance-sheet debt. Founder John Rigas and son Timothy were sentenced to prison for looting the company and cheating investors out of billions.




PanAmSat




Deal with JSAT to launch satellite for digital TV




PanAmSat Holding, whose satellites transmit the broadcasts of Cable News Network and MTV, plans to launch a satellite with JSAT to meet demand for transmission of digital television and other services.




Terms weren’t disclosed.




PanAmSat, the largest U.S.-based commercial-satellite operator, and Toyko-based JSAT formed a venture to build and send up the satellite, which will replace an existing orbiter in about two years.




Once launched, it will meet demand for satellite services used to transmit digital and high-definition television signals and Internet content.



Google



Hiring of eBay engineer sign of competitive push




Google has hired a prominent eBay engineer and founder of the AltaVista search engine, the latest sign of its efforts to attract talent to compete with Yahoo!.




Louis Monier said that he left his job as director of eBay’s advanced technology group last week and will start working at Google next week.




Google’s hiring of Monier, a native of France who worked in the 1980s at Xerox’s Palo Alto Research Center in California, underscores the company’s push to hire prominent engineers to develop new products.




In March, Google hired Mark Lucovsky, one of the creators of Microsoft’s Windows NT operating system.




“It’s definitely a real plus for Google,” said Danny Sullivan, editor of SearchEngineWatch.com, a Web site that tracks the industry. “There just seem to be so many people that are pulled in” by the company, he said.




Technology jobs




Tech field lacks women and minorities, study says




Women and some racial minorities are “significantly underrepresented” in the U.S. technology industry, according to a new study from the industry’s trade group.




Women made up 32 percent of the tech work force in 2004, a drop from 41 percent at its peak in 1996. Hispanics were the most underrepresented racial group, according to an analysis by the Information Technology Association of America (ITAA) of data from U.S. Department of Labor.




Hispanics made up 13 percent of the U.S. labor pool but only 6.4 percent of the tech work force. Blacks were underrepresented by 22 percent and whites by 6.6 percent. Asians and Asian Americans were overrepresented by nearly threefold compared with the general U.S. labor force, the study found.




Compiled from Bloomberg News and The Associated Press