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Travel mess: The big problem, of course, involves getting in and out of Denver, where the airport isn't even scheduled to reopen for another few hours. LAT estimates that 10,000 passengers out of LAX could be scrambling for alternatives. The storm-related closures will have a cascading effect on the entire system. Around 1.75 million passengers will pass through LAX from today through Jan. 2, up slightly over the same period last year.
Gas prices jump: Funny how that happens right around the holidays, huh? The Auto Club says that lower production levels at California refineries have pushed up wholesale prices - and now prices at the pump. Also, the price of oil has been edging up recently. The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $2.597, which is 9.7 cents higher than last week, 11 cents higher than last month, and 34 cents higher than last year.
Toyota tops: First it was Ford, now GM. Next year, the Japanese automaker plans to sell 9.34 million vehicles, which would put it ahead of General Motors as the world's largest car company. Toyota will see its sales increasing while GM expects its sales to fall. (By the way, Toyota's U.S. sales, distribution, and marketing unit is based in Torrance.) From the IHP:
Surpassing General Motors would be a crowning achievement for Toyota, a company that got its start in the 1930s by reverse-engineering GM and Ford cars, and that spent decades catching up with Detroit. It would also end GM's 81-year reign over the global auto industry, and mark another step in the rise of Asian carmakers. However, becoming the global leader would also have its pitfalls for Toyota, analysts warned. The Japanese automaker could become a victim of its own success and follow GM's decline, they said, if it grows complacent or lets quality control slip amid its rapid expansion. Being at the top could also make Toyota a fatter target for critics, particularly in the U.S. Congress, where the company's rise could fan a protectionist backlash, analysts said.
Housing slump over?: The California Association of Realtors reports some stability in the market, pointing out that while statewide sales are way down from a year ago, they've held steady since July. The CAR is forecasting a 7 percent decline in home sales next year, compared with this year's 23 percent collapse. Statewide prices could drop 2 percent in 2007, according to the CAR (although the drop in L.A. is likely to be higher). LAT
Blowing in the wind: Southern California Edison Co. will purchase at least 1,500 megawatts of power to be produced by a massive wind farm being developed in Tehachapi. The 1,500 megawatts are enough to power nearly 1 million typical homes in Edison's 50,000-square-mile service territory. It will double Edison's wind energy production. LAT
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.