Business News

Refineries not oil supply drive gas prices

U.S. crude stocks rose by 14.3 million barrels last week. At the same time, production from the world's biggest exporter Saudi Arabia may be increasing to near 10 million barrels per day. (Reuters)

While the supply of oil is rising, refinery capacity in the US is limited.  There were 142 operable petroleum refineries in the United States. The newest complex refinery with significant downstream unit capacity began operating in 1977 in Louisiana. So the explosion and fire that ripped through a gasoline processing unit at an Exxon Mobil refinery near Los Angeles could lead to higher gasoline prices. (Reuters)

Think China is not important to US companies?  Hershey is projecting a nearly 60% increase to $4.3 billion in chocolate sales in China by 2019-driven by demand from the growing urban population. (Reuters)

The amount of auto loans taken in the fourth quarter of 2014 climbed by $86 billion dollars. The strongest growth came from borrowers with the highest credit ratings. (CNBC)

They ran a leader into the ground and now they get a bonus.  RadioShack has asked the bankruptcy court to allow it to allot $3 million for retention bonuses to give eight executives and 30 other employees’ financial incentive to stay on board. The bonuses would range from $88,000-$650,000 for eight executives. (Money)

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