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Around Tulare Co – Gas Prices Coming Down / More

More High Heels

Screen Shot 2015-07-24 at 12.21.37 PMVisalia Mall has finalized a 3,500SF lease fro space #1440 (former Picture People) to  Shiekh Shoes, LLC.  Shiekh Shoe’s  is currently under construction in the space near Macy’s. The store will carry High Heels, Pumps, Booties, Boots, Wedges, Flat Sandals for Women and  large selection of Men’s dress and casual shoes, Sneakers  clothing & more.  The anticipated opening  of the store is planned for 12/1/15.
Shiekh Shoes has 134 locations including at 100 S Mooney, the former Copeland Sports building. Now there will be two locations in town.
Mall manager Rick Feder says ”shoes are probably our number one category.” He says mall business is up about 3% year-to-date.

Gas Prices Finally Head Lower

After a run up of 50 cents in the past 3 weeks gasoline prices in California are finally heading lower by a couple of pennies. This comes as there is a worldwide glut in oil with WTI  selling today to $48 a barrel, lowest since March.But in California gasoline sellers are making a killing with  refiner profit at $1.17 a gallon according to energy commission figures.
“California refineries reaped an average of 49.3 cents on a gallon of gasoline from 1999 to 2014, according to the California Energy Commission. But this year, the average ballooned to 88.8 cents, triggered when refinery troubles in February disabled 7% of the state’s capacity at a time of low inventories.” say an LA Times story.
In Los Angeles, gasoline prices currently stand at $4.25 per gallon, over a $1.50 more than the nationwide average, by far the largest gap in recorded history. Across the state prices prices average $3.89 per gallon, $1.10 more than the American average.
An activist group this week said “When oil refiners are taking home a record $1.17 per gallon it’s very clear that they are the source of Californian’s pain at the pump and the beneficiaries of the billions more Californians are paying for their gasoline,” said Jamie Court, president of Consumer Watchdog.
The lowest price in Visalia this week was at Costco at $3.15 a gallon, compared to state average of $3.84 Thursday.

Diesel A Bargain Compared to Gasoline

From August 2009 through June of this year retail diesel has been selling for an average premium of 34 cents a gallon compared to gasoline.Not so today in our topsy turvy world.Today the globe has plenty of diesel fuel. In California where the average gas price today is $3.84 a gallon – diesel is selling for as cheap as $2.67 a gallon in Tulare this week. The price break is a boon to farmers and truckers who count on the fuel to pull loads and run their machines.

Youngs Transfer Plans New Tipton Facility

Youngs Commercial Transfer will set up a 6 acre truck yard in Tipton  just south of the citrus plant on Hwy 99.The Porterville company specializes in transport of ag products around the Valley.

Porterville Bank Net Up 8 Percent

Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra  announced its unaudited financial results for the quarter and the six-month period ended June 30, 2015.  Sierra Bancorp recognized net income of $4.557 million for the second quarter of 2015, an improvement of $320,000, or 8%, relative to the second quarter of 2014.
The increase in net income is the result of higher net interest income driven by a large increase in average interest-earning assets, a lower loan loss provision, and improvement in non-interest income, partially offset by higher overhead expense and a higher tax accrual.

Tulare County Home Sales Up 8 Percent

Tulare County homes sales in May jumped 11.55% month over month and were up 8% year over year. The median price was $194,170 – up 10% from  a year ago when it was $176,000.

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