Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, October 6, 1993                   TAG: 9310060329
SECTION: BUSINESS                    PAGE: C6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

The average price of gasoline increased 3.9 cents following Friday's 4.3-cent rise in the federal gasoline tax, the American Automobile Association said Tuesday.

A nationwide spot check of 1,250 stations shows self-serve regular unleaded averages $1.134 per gallon this week.

The motor club said gasoline prices increased in all regions of the country. In the Southeast, prices rose 2.7 cents a gallon.

Prior to last week's increase, the national average gas price had fallen 5 cents in four months.

Friday's 4.3-cent increase came on top of an existing 14.1-cent federal tax and an average 19.6 cents motorists pay in state and local gas taxes. - Staff report \

Briefly . . .

\ Intermet Corp., Atlanta-based owner of Lynchburg Foundry Co. in Lynchburg and Radford, said it anticipates a net loss of $5 million to $7 million for the third quarter, larger than expected, resulting from a $20 million to $24 million pretax charge for its previously announced decision to close its Lower Basin foundry in Lynchburg. The company also said sales are expected to be 20 percent to 25 percent lower than in the second quarter, due to ongoing recession in Germany. Intermet and its subsidiaries make precision iron parts for automotive and industrial customers in North America and Europe.

\ Shell Oil Co. said Tuesday it will spend $1.2 billion to bring into production a giant oilfield in the Gulf of Mexico, a project intended to push offshore-recovery technology to the deepest levels yet and to create 2,200 jobs, mostly in Texas and Louisiana, and thousands more among subcontractors in 34 states.

\ QVC Network Inc. produced proof Tuesday that it can raise $4 billion in cash to finance its bid to buy Paramount Communications Corp. The widely expected move paves the way for Paramount's board of directors to consider QVC's hostile takeover bid, valued Tuesday at $9.5 billion, along with the friendly merger offer, now valued at $7.4 billion, from Viacom Inc.