Gas Prices Rise Again – Morning Business Memo

Mar 20, 2012 7:53am

There’s more pain at the pumps for motorists as the price of gas continues to go up. The switch over from winter to summer gas is coming in most states at the beginning of April. Tom Kloza of the Oil Price Information Service tells ABC News Radio that more price hikes are in the pipeline.

“They’re about 20 cents higher and that’s not reflected at the pump yet because those deliveries haven’t taken place,” he said.

Kloza says that by next month motorists will be paying more than $4 a gallon in most states. “I also believe that’s probably where we’ll see prices peak, between $4, $4.10 or $4.15,” he said.

A separate forecast from gasbuddy.com calls for prices to peak at about that level in May. Most analysts say unless there is a military conflict with Iran, gas prices mighty start coming down in the summer and fall.

Oprah Winfrey’s struggling cable network OWN says it’s laying off one-fifth of its workers and restructuring operations. In a statement, Winfrey calls the decision a tough one. OWN has gone through numerous management changes since launching at the beginning of last year. Ratings have been disappointing.

“John Carter” is a bust for Disney. The company, which owns ABC, says that it expects to book a $200 million loss on the movie. That ranks it among Hollywood’s all-time biggest money-losers.

Jeremy Lin is cashing in on his fame. The New York Knicks basketball star has reached an endorsement deal with the U.S. arm of Volvo. Lin will be a “brand ambassador” for the Swedish car brand. Lin also has an agreement with Nike, which is now reported to be planning a Jeremy Lin shoe.

Apple just can’t seem to put a wrong foot forward. The latest stunning number: four days after the launch of the new iPad, Apple says it has already sold 3 million of them.

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