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Gas prices go up: The party's over, it appears. Refinery production problems have pushed up wholesale prices and that's having an effect at the pump. The latest Auto Club survey shows that the average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.50, which is three cents higher than last week, four cents higher than last month, and 21 cents higher than last year. But wait, it gets worse: Opec's plans to reduce its output by nearly 2 percent in February will likely keep the price of crude at over $60 a barrel and will no doubt influence gasoline prices. Oil was nearing $63 in trading this morning.
Inland Empire gets pricey: The percentage of households able to afford a median-priced home in Riverside and San Bernardino counties dropped to 18 percent last year from 48 percent in 2001, and the median price for an Inland Empire home increased to $374,000 from $157,000 in the same period. That higher median is still a bargain compared to L.A. County, but the affordability percentage is almost the same (income levels are significantly lower out there). LAT
Fox's risky release: With the fantasy adventure "Eragon" opening this weekend, the LAT profiles Elizabeth Gabler, the Fox studio head who signed off on the $100 million feature. As president of Fox 2000, Gabler has had a good track record ("Unfaithful," "Walk the Line" and "The Devil Wears Prada"), but this one will be a tougher sell in a very crowded holiday schedule. Reviews I've seen this morning are mixed.
CBS revives CBS Records: Well, sort of. The new incarnation of what had been a venerable label will focus on music for the CBS and CW networks, along with the company's digital platforms. You might remember the old CBS Records as the home of Frank Sinatra, Bob Dylan, Tony Bennett, Miles Davis and Bruce Springsteen. The CBS network spends a bundle each year on getting the rights to use more than 2,000 songs each season, so developing in-house talent is seen as a way of saving a few bucks. LAT
Lettuce growers grouse: They say health officials were too quick to conclude that lettuce probably caused the E. coli outbreak linked to Taco Bell. The growers insist they have been vigilant about testing their land, fertilizers and crops. And besides, when something like this happens, prices go down. AP
Vivendi hangs on: Remember when the French conglomerate Vivendi controlled Universal? They sold off the operation to NBC, but held onto a 20 percent stake (now valued at $8.3 billion), with the option of selling out in January 2007. Well, the NY Post reports that Vivendi will keep its 20 percent, which is being interpreted as a vote of confidence not only for NBC Universal but Jeff Zucker, who is expected to take over the operation next year. Under a new pact, Vivendi's next option to sell comes in about a year.
Another H&M opens: This time it's in Santa Anita, the third H&M in Socal. It joins stores in Pasadena and Beverly Center. The Pasadena Star-News leads with Temple City resident Mary Dahbour who arrived about 20 hours early to be the first in line for Thursday's noon opening. "I just didn't want to miss it," she told the paper. "It's an adventure. It's the unknown." (Hey lady, it's a store, not the Himalayas.)
Oprah faces reality: As in reality shows. Her Harpo Productions company has sold two reality series to ABC. The first show, "Oprah Winfrey's The Big Give," follows 10 people who will be handed money and resources - and then be asked to use it to help others. The contestant field will be winnowed down each week, with the winner getting his or her wildest wish granted (like maybe getting into an H&M store?). Another one is tentatively titled "Your Money or Your Life" that will focus on a family facing a crisis. Variety
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.