OIL GAINS AHEAD OF U.S. STOCKS REPORT
Oil prices edged higher Wednesday, as investors anticipated data showing U.S. crude stockpiles continue to decline, writes The Wall Street Journal’s Christopher Alessi.
Brent crude, the global benchmark, rose 0.48% to $52.39 a barrel in London trading. On the New York Mercantile Exchange, West Texas Intermediate futures were up 0.59% at $49.46 a barrel.
If the U.S. Energy Information Administration were to confirm an American Petroleum Institute forecast showing commercial crude supplies fell by 7.8 million barrels last week, this would constitute the sixth straight week of declines.
SOUTH CAROLINA FILES $100 MILLION SUIT AGAINST U.S. OVER PLUTONIUM
South Carolina is in a hot fight with Washington over a Cold War-era nuclear-weapons site, writes Valerie Bauerlein.
South Carolina’s Attorney General Alan Wilson is suing the federal government for $100 million, saying it hasn’t removed plutonium from the state as promised.
“The state is seeking to collect a $1 million-a-day fine set by Congress more than a decade ago as a way to force the Energy Department to either start removing weapons-grade plutonium by 2016 from the Savannah River Site near Aiken or start using it to make mixed-oxide fuel,” the Journal reports.
NISSAN GETS OUT OF E-CAR BATTERIES
Nissan Motor Co. agreed to sell its battery business, including its U.S. operations, to a Chinese investment firm, setting the stage for a potential ruling by a U.S. regulator on the transfer of sensitive technologies, writes Sean McLain.
“The buyer, GSR Capital, agreed Tuesday to buy the majority of Nissan’s electric-car battery operations for an undisclosed sum. The deal, which the parties said they expected to close by the end of the year, includes Nissan’s battery- manufacturing operations in Smyrna, Tenn.; Sunderland, England; and Japan,” the Journal reports.
Batteries are a hot area for leading car makers that plan to boost sharply the proportion of their sales coming from electric-powered cars.
Nissan is exiting the electrical battery business because the firm says it is cheaper to buy them from external vendors.