If savings from the 18.4 cents-a-gallon federal tax on gas are fully passed along to consumers, drivers would save about $2.76 for a 15-gallon fill-up.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
U.S. stocks give up afternoon gains and end slightly lower
The choppy trading followed a solid rally on Tuesday in what has been a turbulent period for the broader market.
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Posted inBusiness, Nation & World
Fishing feud at bottom of the world splits U.S. and UK over Russia
For the 1st time since governments banded together 40 years ago to protect marine life near the South Pole, deep-sea fishing for Chilean sea bass is proceeding this season without any catch limit.
Posted inBusiness, Maine, Morning Sentinel
Burger King closes after 26 years on Kennedy Memorial Drive in Waterville
The fast-food restaurant’s corporate PR team said Wednesday that all team members have been offered roles at other Burger King restaurants in the area, but some who worked there have written on social media the restaurant was not profitable and could not recruit enough workers.
Posted inBusiness, Nation & World
Chairman Powell says Fed aiming to avoid recession while taming inflation
He tells senators that the Federal Reserve’s primary goal is to reduce inflation, and he still hopes to achieve what he has called a ‘soft landing’ – a reduction in inflation and a slowdown in growth without triggering a recession and high unemployment.
Posted inBusiness, Kennebec Journal, Maine, News
Augusta Chipotle restaurant workers may be first in nation to unionize following health, labor concerns
Workers delivered a petition and letter of intent to Chipotle Mexican Grill management Wednesday, saying they are forming a union.
Posted inBusiness, Nation & World, News
Biden calls for three-month suspension of gasoline, diesel taxes
The president’s push faces uphill odds in Congress, which must act in order to suspend the taxes, and where many lawmakers, including some in his own party, have expressed reservations.
Posted inBusiness, Nation & World, News
‘Groundhog Day’ at IRS: Returns pile up, phone delays worsen
After digging out of a daunting backlog from 2021, the agency has an even bigger backup for this tax season than it did a year ago.
Posted inBusiness, Nation & World, News
Fed’s Powell facing rising criticism for inflation missteps
Struggling to curb the worst inflation outbreak in 3 decades, Federal Reserve Chair Jerome Powell last week engineered a three-quarters-of-a-point increase in the Fed’s short-term interest rate — the largest single rate hike in a quarter-century.
Posted inBusiness
Snap, crackle, pop: Kellogg to split into 3 companies
The CEO says each division – one for snacks, one for cereal and the other for plant-based foods – will be better able to focus on their own products.