Price of gasoline drops a nickle

Gasoline prices as of yesterday slipped for the fifth straight week, according to a survey by AAA Southern New England. Self-service, regular unleaded gas averaged $2.769 a gallon, five cents less than last week and 19 cents less than a month ago. The price in Rhode Island matches the national average of $2.769 a gallon. A year ago at this time, the average price in Rhode Island was $3.049 a gallon. The AAA survey said the average price in Massachusetts was $2.729 a gallon. A separate survey by the state Energy Office set the price in Rhode Island at $2.759 a gallon.

Hotel grand opening to benefit arts groups

The Renaissance Providence Hotel, the $100-million hotel on Avenue of the Arts and one of the largest historic renovations in the state, will hold a grand opening ceremony at 2 p.m. today. The celebration is expected to attract 500 people and three arts organizations – the Music School of the Rhode Island Philharmonic, the Rhode Island State House Restoration Society and the VMA Arts and Cultural Center — will benefit from proceeds from events. All proceeds from room sales will be donated to the organizations. The hotel employs 115 people. City and state leaders, as well as senior managers from Marriott International and Sage Hospitality are expected to attend. The public is invited to the 2 p.m. ribbon-cutting.

SEC closes Caremark investigations

Woonsocket-based CVS Caremark Corp. (CVS:NYSE) said Friday that the U.S. Securities and Exchange Commission and Justice Department lawyers have closed their investigations into Caremark’s stock option practices and will take no action on the matter. The SEC and U.S. Attorney’s office for the Southern District of New York began the probes in May 2006, CVS Caremark said in a regulatory filing. CVS Corp. bought Caremark in March and changed the combined company’s name to CVS Caremark. Caremark declined to say last year whether the probes related to how stock options were dated. More than 200 companies have disclosed federal or internal investigations into whether they inflated the value of options granted to employees by timing grants to occur on days when the stock price was low. The SEC also ended a second probe into Caremark’s relocation program for executives, CVS Caremark said.

Ad woes at Tribune hit Media General

Media General, the Virginia-based company that owns WJAR-Channel 10, the Tampa Tribune and other media properties, said July revenue fell 3.3 percent from a year earlier, lead by declines in publishing. Classified ad sales fell 14.3 percent because of a 32-percent drop in sales at the Tampa Tribune and associated newspapers, according to a Media General news release.

Bank helps vision center add jobs

Citizens Bank of Rhode Island has awarded The Brown Center, a Rhode Island vision-care center, a Citizens Bank Job Bank loan for $250,000. The loan will allow The Brown Center to expand its operation and create an initial six new jobs over the next three years. It has an office in East Providence and will use the Citizens Job Bank loan to open and staff a second office in Cumberland. The $250,000 loan will provide working capital for The Brown Center. The money will be used to fund construction and office equipment at The Brown Center’s new Cumberland office. The Brown Center is also hiring six office employees with funds generated from the loan.

Regional company picks up R.I. trash hauler

Waste Haulers, LLC, recently announced its acquisition of the assets of WE Dispose, LLC, one of the largest independent haulers in Rhode Island. With revenues approaching $20 million, the company is the fastest growing solid-waste business in New England. Waste Haulers currently serves customers in Rhode Island, New Hampshire, Massachusetts and Connecticut for recycling, commercial, industrial and residential services. For more information visit the website at www.wastehaulers.net.

Attleboro firm wins Army contract

The U.S. Army has awarded Mechanology Inc., of Attleboro, Mass., $860,000 to continue development of the company’s proprietary compressor and expander technologies — technologies that will be used to improve the efficiency and power output of the military’s diesel engines and generators. The recently awarded Army funds, part of last year’s defense appropriations bill, will enable continued research and development of the Mechanology technology and will permit the company to work with manufacturers of military engines and generators to develop necessary system interfaces. Fuel is expensive in a combat zone, and can cost the military $50 per gallon. Transporting fuel and maintaining supply chains, can be dangerous. Deploying the Mechanology device should reduce military fuel consumption while lowering the military’s fuel expenses.

Saco Maine weighs more wind power

The southern Maine city of Saco is considering whether to expand its use of wind power. A small wind turbine already produces 1.8 kilowatts of electricity for the municipal wastewater treatment facility. Now, officials are thinking about buying a larger turbine that would be installed near the new train station on Saco Island. The 50-kilowatt turbine, made by the Canadian company Entegrity Wind, would provide more than enough power to meet the station’s needs. The 100-foot turbine has a 30-year design life and is estimated to pay for itself in cost savings within about 10 years. Concerns about noise and danger to birds that surfaced when the council bought the first turbine have proven to be unfounded, said City Councilor Eric Cote, a leader of the city’s energy-efficiency campaign.

A good month for N.H. tourism

August’s summer sun is raising more than the temperature — it’s raising tourism dollars in New Hampshire. After a soft start in July, the summer season appears to be making a strong comeback this month, state tourism experts say. Fourth of July week was “not as good as we had hoped” said Alice DeSouza, director of the state Division of Travel and Tourism. So far in August, tourism business “seems to be coming back with a vengeance,” she added. Visitors waited for warm weather to go on vacation in New Hampshire, and when they did, they preferred cooking to dining out, campgrounds over hotels, and hiking, biking and kayaking over more expensive pursuits. DeSouza said numbers coming in so far this month show retail sales are up, well-attended events and a larger-than-ever number of vacationers using canoes and kayaks to access state waters. The state Liquor Commission reports sales are up, particularly at grocery and convenience stores, which shows customers are still buying, but making thriftier choices. “The consumer is feeling the pinch and has cut back in certain places,” said John Bunnell, the commission’s administrator of sales and marketing. Sales at groceries and convenience stores are up 10 percent since July 1. “Pretty significant,” he said. Sales at restaurants and hotels are up 2.4 percent. Turnpike use is also up minimally, said state Transportation Department spokesman Bill Boynton. After falling in summer 2006, toll figures are up 2 percent this year, he said.