Gasoline in Bay Area more costly than U.S.
Motorists who suspect gasoline is far more expensive in the Bay Area and the rest of California are not imagining things, according to a new federal report that shows gas in this region is costly compared with the nation overall.
During the one-year period that ended in August, the average price of gasoline rose 8.9 percent in the Bay Area, and 7.6 percent in the Los Angeles area, the U.S. Bureau of Labor Statistics reported.
Over the same 12 months, gasoline prices rose 2.1 percent in the United States.
In August, gasoline averaged $4.14 per gallon in San Francisco compared with $3.76 nationwide in August, roughly 10 percent above the U.S. average.
Chevron discovers more LNG off Australia
San Ramon-based Chevron has announced a new liquefied natural gas discovery off the shore of Australia.
The exploration well encountered a new natural gas field about 75 miles away from Western Australia. The discover is in the Greater Gorgon area of the Carnarvon Basin.
The exploration well was drilled in 3,570 feet of water near Barrow Island.
Chevron Australia operates the field and has a 50 percent ownership interest, while Shell and Exxon Mobil each own 25 percent.
Hercules Bayfront to break ground in 2013
Developers say they will break ground
Hercules Bayfront is a mixed-use transit-oriented development. The development partners are Oso Trabuco and Anderson Pacific.
The project will effectively create a new downtown on the Hercules waterfront.
Residences, retail and offices will be the primary elements of Hercules Bayfront. The project also will include open park space and be connected to a mass transit hub.
Shares of San Jose-based Adobe Systems fell slightly in after-hours trading after the company reported slightly higher profit that matched Wall Street's expectations but offered a forecast that was weaker than anticipated.
Adobe fell 0.9 percent in the late trading session.
Adobe earned $201.4 million, or 40 cents a share, up 3 percent from the same period a year earlier.
Adjusted earnings were 58 cents a share in the latest quarter. Revenue rose 7 percent to $1.08 billion.
For the current quarter Adobe forecast earnings of 34 to 39 cents a share.