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WASHINGTON — Drivers can expect to see regular gasoline retail prices averaging $3.63 per gallon during the summer driving season, according to projections released Tuesday in the U.S. Energy Information Administration’s (EIA) April Short-Term Energy Outlook.

The projected monthly average price of regular retail gasoline will continue to fall through the April-September driving season, topping off at $3.69 per gallon in May to $3.57 per gallon in September.

The EIA also expects this projection to be reflected on upcoming yearly averages: $3.56 per gallon in 2013, $3.39 per gallon in 2014.

Meanwhile, the Brent crude oil spot price will average $108 per barrel in 2013, $101 per barrel in 2014, the EIA forecasts. This price rose to $119 per barrel in early February, up from last year’s $112 per-barrel average.

The projected discount of West Texas Intermediate (WTI) crude oil to Brent is forecast to average $14 per barrel in 2013, $9 per barrel in 2014. The EIA attributes this drop to planned new pipeline capacity lowering the cost of moving mid-continent crude oil to the Gulf Coast refining centers.

Natural gas working inventories ended March at an estimated 1.69 trillion cubic feet (Tcf), about 0.79 Tcf below last year’s level, and 0.41 Tcf below the five-year average (2008-2012).

EIA expects the Henry Hub natural gas spot price, which averaged $2.75 per million British thermal units (MMBtu) in 2012, will average $3.52 per MMBtu in 2013, $3.60 per MMBtu in 2014.

WASHINGTON — The Henry Hub natural gas spot price is expected to average approximately 65 cents higher per million British thermal unit (MMBtu) this year, while natural gas working inventories ended February at a level below the same time one year ago, according to the U.S. Energy Information Administration.

EIA expects the spot price to be $3.41 per MMBtu in 2013 and $3.63 per MMBtu in 2014. It averaged $2.75 per MMBtu in 2012.

In other energy news, the weekly U.S. average regular gasoline retail price fell in early March for the first time since mid-December. The March 11 average was $3.71 per gallon, down 7 cents per gallon from Feb. 25.

EIA expects that lower crude oil prices will result in monthly average regular gasoline prices staying near the February average of $3.67 per gallon over the next few months, with the annual average retail price declining from $3.63 per gallon in 2012 to $3.55 per gallon in 2013 and $3.38 per gallon in 2014.

U.S. crude oil production exceeded an average level of 7 million barrels per day in November and December, the highest volume in more than 20 years.

EIA warns that energy price forecasts are highly uncertain and that the current values of futures and options contracts suggest prices could differ significantly from its forecast.

WASHINGTON — Borrowers and lenders of U.S. Small Business Association-backed loans will have greater access to capital and less paperwork as a result of a proposed regulation aimed at streamlining the application process while strengthening oversight and program integrity.

“Streamlining and simplifying has been a key focus of our agency over the last few years,” says SBA Administrator Karen Mills. “The changes are the latest steps to reduce paperwork burden, with our eye on the larger goal of expanding access to capital and giving entrepreneurs and small-business owners the financial resources to grow and create jobs.”

The SBA proposes the new measures after extensive consultations with lenders and borrowers to identify the greatest challenges they face and find ways to reduce barriers to making and accessing loans, while still maintaining strict oversight.

Among the proposed changes are:

• Eliminating the Personal Resource Test — A borrower will no longer be required to obtain a maximum level of personal finance resources for a 7(a) or 504 loan. This will streamline the loan process by eliminating complicated regulations used to determine the amount of collateral required.
• Revising the Rule on Affiliation — Revising this rule will open access to SBA loans to businesses that, under current rules, would not qualify as a small business under SBA’s size standards by virtue of their association with other companies. It also would streamline 504 loan applications and reduce paperwork requirements for 504 and 7(a) loan applications.
• Eliminating the Nine-Month Rule for the 504 Loan Program — This will remove a restriction that limits a business to include in its 504 project only expenses incurred nine months prior to submitting the loan application. The new rule would allow inclusion of expenses incurred at any time (e.g., projects put on hold for more than nine months due to a natural disaster).

Visit the SBA website for comprehensive information on the new rules and their potential benefits for your vended laundry business.

The full text of the proposed rule published in the Federal Register is available here.

WASHINGTON — Falling crude oil prices will help continue to push the retail price of gasoline lower this year and next, according to this month’s Short-Term Energy Outlook from the U.S. Energy Information Administration (EIA).

EIA expects that falling crude prices will help national average regular gasoline retail prices fall from an average of $3.63 per gallon in 2012 to annual averages of $3.44 per gallon in 2013 and $3.34 per gallon in 2014.

Diesel fuel retail prices averaged $3.97 per gallon during 2012 and are forecast to fall to an average of $3.87 per gallon in 2013 and $3.78 per gallon in 2014.

Meanwhile, the cost of natural gas is expected to go up, EIA reports. Working inventories, which were at record-high levels in early November, ended 2012 at an estimated 3.5 trillion cubic feet (Tcf), slightly above the level at the same time the previous year.

EIA expects the Henry Hub natural gas spot price, which averaged $4 per million British thermal units (MMBtu) in 2011 and $2.75 per million MMBtu in 2012, to average $3.74 per MMBtu in 2013 and $3.90 per MMBtu in 2014.

WASHINGTON — Expansion in apartment markets has moderated after a seven-quarter run, according to the National Multi Housing Council’s (NMHC) January Quarterly Survey of Apartment Market Conditions.

For the first time since 2010, two of the four indexes – Market Tightness (45) and Sales Volume (49) – dipped below the break-even level of 50, though just barely. The Equity Financing (56) and Debt Financing (57) indexes show continued improvement for the 8th consecutive quarter.

“The pace of improvement in the apartment industry is moderating, but the expansion remains solid,” says Mark Obrinsky, NMHC’s vice president for research and chief economist. “Lease-up demand is seasonally weak in January, which would fully explain the small drop in the Market Tightness Index. Beyond that, markets were quite tight three months ago, and remain tight today.

“New construction has picked up considerably since its 2009 low, but is still playing catch-up with the increase in demand for apartment residences.”

Full survey data are available here.

WASHINGTON — The U.S. population will be considerably older and more racially and ethnically diverse by 2060, according to projections released this week by the U.S. Census Bureau. The projections of population by age, sex, race and Hispanic origin, covering the 2012-2060 period, are the first set based on the 2010 Census.

“The next half century marks key points in continuing trends — the U.S. will become a plurality nation, where the non-Hispanic white population remains the largest single group, but no group is in the majority,” says Acting Director Thomas L. Mesenbourg.

Furthermore, the population is projected to grow much more slowly over the next several decades, compared with the last projections released in 2008 and 2009.

The population age 65 and older is expected to more than double by 2060, from 43.1 million to 92.0 million, and will represent just over one in five U.S. residents by the end of the period.

Baby boomers, defined as persons born between 1946 and 1964, number 76.4 million in 2012 and account for about one-quarter of the population. In 2060, when the youngest of them would be 96 years old, they are projected to number around 2.4 million and represent 0.6% of the total population.

The non-Hispanic white population is projected to peak in 2024, at 199.6 million, up from 197.8 million in 2012. Unlike other race or ethnic groups, however, its population is projected to slowly decrease, falling by nearly 20.6 million from 2024 to 2060.

Meanwhile, the Hispanic population would more than double, from 53.3 million in 2012 to 128.8 million in 2060. The black population is expected to increase from 41.2 million to 61.8 million over the same period. The Asian population is projected to more than double, from 15.9 million in 2012 to 34.4 million in 2060.

Among the remaining race groups, American Indians and Alaska Natives would increase by more than half from now to 2060, from 3.9 million to 6.3 million. The Native Hawaiian and Other Pacific Islander population is expected to nearly double, from 706,000 to 1.4 million. The number of people who identify themselves as being of two or more races is projected to more than triple, from 7.5 million to 26.7 million over the same period.

All in all, minorities, now 37% of the U.S. population, are projected to comprise 57% of the population in 2060. (Minorities consist of all but the single-race, non-Hispanic white population.) The total minority population would more than double, from 116.2 million to 241.3 million over the period.

Projections show the older population would continue to be predominately non-Hispanic white, while younger ages are increasingly minority. Of those age 65 and older in 2060, 56.0% are expected to be non-Hispanic white, 21.2% Hispanic and 12.5% non-Hispanic black. In contrast, while 52.7% of those younger than 18 were non-Hispanic white in 2012, that number would drop to 32.9% by 2060. Hispanics are projected to make up 38.0% of this group in 2060, up from 23.9% in 2012.

To review the data yourself, visit the U.S. Census website.

WASHINGTON — The Internal Revenue Service (IRS) has released its 2013 optional standard mileage rates, showing slight increases in the amounts used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning Jan. 1, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 56.5 cents per mile for business miles driven
• 24 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven during 2013 increases 1 cent from the 2012 rate. It is based on an annual study of the fixed and variable costs of operating an automobile.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle, the IRS says. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

WASHINGTON — A month after Hurricane Sandy devastated the East Coast, the U.S. Small Business Administration has approved more than $150 million in low-interest disaster loans to about 2,500 homeowners, renters and businesses in New York, New Jersey, Connecticut and Rhode Island.

If your coin laundry was damaged by the storm, there are several ways to apply for SBA disaster relief assistance:

• Apply online at https://disasterloan.sba.gov/ela
• For information about the disaster loan process, or to have an application mailed to you, e-mail disastercustomerservice@sba.gov or call 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing)
• Call the Federal Emergency Management Agency (FEMA) to register for federal assistance at 800-621-3362
• To be considered for all forms of disaster assistance, register online at www.disasterassistance.gov, or use your mobile device at http://m.fema.gov
• Visit an SBA Small Business Development Center for help in completing loan applications and to gain advice on how to rebuild and grow in the aftermath of the disaster. Locate the nearest center by visit www.sba.gov/local-assistance

The filing deadline for physical property damage is Dec. 31 for businesses in New York, New Jersey and Connecticut, and Jan. 15 for those in Rhode Island. The economic injury disaster loan application deadline is July 31 for businesses in New York, New Jersey and Connecticut, and Aug. 14 for those in Rhode Island.

“During the past month, I’ve visited disaster centers and spoken with people who are struggling to reclaim communities and businesses that were devastated by Hurricane Sandy, and I was impressed by their determination to rebuild stronger,” says SBA Administrator Karen G. Mills. “The SBA is there to support the long-term recovery of the disaster areas, and we will make sure that as many people as possible get the help they need to become whole again.”

For more information about SBA disaster loans, visit www.sba.gov/sandy.

WASHINGTON — Apartment markets improved across all areas for the seventh quarter in a row, but the pace of improvement moderated, according to the National Multi Housing Council’s (NMHC) Quarterly Survey of Apartment Market Conditions.

The survey’s indexes measuring Market Tightness (56), Sales Volume (51), Equity Financing (56) and Debt Financing (65) all measured at 50 or higher, indicating growth from the previous quarter.

“Even after nearly three years of recovery, apartment markets around the country remain strong as more report tightening conditions than not,” says NMHC Chief Economist Mark Obrinsky. “The dynamic that began in 2010 remains in place: the increase in prospective apartment residents continues to outpace the pickup in new apartments completed.”

While development activity has picked up considerably since the trough, finance for both acquisition and construction remains constrained and flows mainly to the best properties in top markets, Obrinsky adds.

Full survey data are available here.

WASHINGTON — The Federal Trade Commission is seeking public comment on proposed changes to the FTC Rule that requires manufacturers and importers to attach labels with care instructions for garments and certain piece goods, so consumers have reliable instructions for dry cleaning or washing, bleaching, drying and ironing their clothing.

The Care Labeling Rule—officially the Rule on Care Labeling of Textile Wearing Apparel and Certain Piece Goods—has been in effect since 1971.

The FTC is seeking comments on potential updates to the Rule, including changes that would:

• Allow manufacturers and importers, if they so choose, to include professional instructions for wet cleaning, an environmentally friendly alternative to dry cleaning, on labels if the garment can be professionally wet cleaned;
• Permit manufacturers to use updated ASTM (American Society for Testing and Materials) or ISO (International Organization for Standardization) symbols on labels in lieu of written terms providing care instructions;
• Clarify what constitutes a reasonable basis for care instructions; and
• Update and expand the definition of “dry clean” to reflect current practices and account for the advent of new solvents.

Instructions for filing comments appear in the Federal Register Notice; comments can be filed electronically by clicking here. Comments must be received by Nov. 16.

WASHINGTON – Are you a woman who is ready to start or expand a coin laundry? Now’s a good time to take that first step, says the U.S. Small Business Administration, which will be hosting a series of four weekly web chats beginning Thursday.

Each week in October—National Women's Small Business Month—SBA’s web chat series will feature experts who will advise women on how to put together business plans, navigate the challenges of entering competitive markets, and establish the foundation for a successful, profitable enterprise.

At 3 p.m. Eastern time on Thursday, Erin Andrew of SBA's Office of Entrepreneurial Development will present Starting and Growing Your Business. Participants can join the live web chat, and also post questions beforehand, by following this link to the SBA website.

Topics of other planned web chats include finding capital, contracting with the federal government, and business opportunities for young women.

WASHINGTON — With crude oil prices going higher, the U.S. Energy Information Administration (EIA) has increased the average regular gasoline retail price forecast for the third quarter to $3.49 per gallon, 10 cents higher than last month’s Short-Term Energy Outlook.

EIA expects regular gasoline retail prices to average $3.53 per gallon in 2012 and $3.33 per gallon in 2013.

The Brent crude oil spot price will average about $103 per barrel during the second half of 2012, about $3.50 per barrel higher than in last month’s Outlook, and is forecast to fall to an average of $100 per barrel in 2013. The projected West Texas Intermediate (WTI) crude spot oil price discount to Brent crude oil narrows from about $14 in third-quarter 2012 to $9 by late 2013, assuming certain gross domestic product (GDP) growth.

U.S. total crude oil production is expected to average 6.3 million barrels per day (bbl/d) in 2012, an increase of 0.6 million bbl/d from last year, and the highest level of production since 1997. Production increases to 6.7 million bbl/d in 2013, EIA forecasts.

Drought conditions affecting corn harvests and prices throughout the Midwest pushed ethanol production lower, and EIA has reduced its 2012 forecast to 870,000 bbl/d, or 13.3 billion gallons. But the agency expects production to recover in the second half of 2013.

Natural gas working inventories ended July at an estimated 3.2 trillion cubic feet (Tcf), about 17% above the same time last year. EIA expects the Henry Hub natural gas spot price, which averaged $4 per million British thermal units (MMBtu) in 2011, to average $2.67 per MMBtu in 2012 and $3.34 per MMBtu in 2013.