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Business Tri-State: Gas prices up 2 cents in West Virginia

March 17, 2010 @ 12:00 AM

West Virginia gas prices rose two more cents, as the average this week is $2.815. Nationally, retail prices rest at $2.787, up three cents from last week, according to a release from AAA.

Despite a downward adjustment in oil prices, retail gasoline prices have continued to climb higher over the last couple of weeks. Various reports of $3 per gallon pricing predictions stem from anticipation of a traditional spring climb in prices as refiners switch to summer blended fuels and motorists taking advantage of the improved weather to log more miles on the nation's roadways.

Historical price data going back to the year 2000 shows prices have increased on average 13 percent between March 1 and April 30.

Patriot Coal cuts deal to export to Asia

CHARLESTON -- Patriot Coal has a deal to export 1.5 million tons of metallurgical coal to Asia.

Patriot says in a regulatory filing Tuesday that the sale will boost metallurgical coal shipments to 7 million tons this year, up 30 percent from 2009. Patriot provided no details about price or the buyer.

Quicker economic recovery in Asia has pumped up demand for metallurgical coal to the point where some eastern U.S. producers have been able to enter markets dominated by Australia.

The sale figures to be a boost for West Virginia's coal business, which has struggled with cutbacks and low demand. Patriot says the coal is coming from its Winchester and Panther mines in southern West Virginia.

St. Louis-based Patriot operates 14 mining complexes in West Virginia and Kentucky.

ICG completes stock, notes offerings

SCOTT DEPOT, W.Va. -- International Coal Group says it's closed stock and note offerings that it's using to raise money to refinance debt.

The Scott Depot-based mine operator said Tuesday it has sold more than 22 million shares of common stock for just over $100 million. In a separate offering, ICG says it sold $115 million worth of 4 percent notes due in 2017.

While the underwriters exercised an option for an extra $15 million in notes, ICG says they haven't exercised a similar option for more than 3.3 million shares of stock.

ICG plans to use the money to buy back up to $139.5 million of 9 percent notes due 2012 and up to $175 million of 10.25 percent notes due 2014.

ICG has operations in Appalachia and Illinois.

5,000 sign petitions against phone deal

CHARLESTON -- More than 5,000 West Virginians have signed petitions opposing the proposed sale of Verizon's landlines to Frontier Communications.

Elaine Harris with the Communications Workers of America says those petitions will be delivered to the state Public Service Commission on Tuesday.

Frontier is trying to buy Verizon's wire lines in West Virginia and 13 other states.

The three-member commission is expected to decide whether to approve the landline deal by May at the latest.

Columbus casting call set for restaurant reality series on NBC

A new NBC television series will host a reality competition in which the winner gets to open a new restaurant chain in three new cities across America, and there will be open casting calls for the show Friday, March 26, in Columbus, Ohio.

The working title of the show is "America's Next Great Restaurant." Featured will be celebrity chef/restaurateur Bobby Flay.

Interested applicants for the series should log onto nbc.com/casting to pre-register for an open casting call. Visitors also can follow the bus tour on Twitter @magicalelves and at NBC.com/americas-next-great-restaurant.