- The Washington Times - Thursday, August 25, 2011

OIL

Crude prices rise as storm targets East Coast

NEW YORK | Oil prices rose Thursday afternoon as concerns grew about the potential impact of Hurricane Irene on U.S. oil and gas supplies.

Benchmark West Texas Intermediate crude rose 62 cents at $85.78 per barrel in New York. Brent crude, which is used to price oil produced abroad, rose $1.10 to $111.25 per barrel in London.

East Coast refineries are bracing for the possibility that Hurricane Irene could disrupt operations beginning this weekend. Refineries in Delaware, New Jersey, Pennsylvania and Virginia produce nearly 8 percent of the country’s gasoline and diesel fuel. If they shut down owing to the storm, it may push fuel prices higher.

Gasoline pump prices increased nearly a penny on Thursday to a national average of $3.582 per gallon. A gallon of regular has fallen 40 cents since peaking in May near $4 per gallon, but it’s still almost 89 cents more than a year ago.

NEW YORK

Bloomberg to pay $990M for research firm

NEW YORK | Financial data and news company Bloomberg LP said Thursday that it will pay $990 million for BNA, a publisher of legal, tax and regulatory information.

Bloomberg said it will acquire all outstanding shares of the Bureau of National Affairs Inc., which is owned by its current and former employees. Bloomberg is paying $39.50 per share in cash. The deal is expected to be completed this year.

Bloomberg said the purchase will enhance its coverage of tax, labor, health care and intellectual-property issues. Bloomberg said BNA will work with its other subsidiaries in Washington to provide coverage of U.S. regulatory issues.

Bloomberg’s other units in Washington include Bloomberg News, Bloomberg Government and Bloomberg Law. BNA’s publications include Daily Labor Report, U.S. Law Week and Daily Report for Executives.

Bloomberg is a private company founded by New York Mayor Michael R. Bloomberg.

AUTO INDUSTRY

Study: Escalade most likely to be stolen

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