Clearing the air: Potash Corp. of Saskatchewan Inc. has agreed to spend more than $52 million on plant improvements and pay a $1.3 million civil penalty to resolve U.S. charges that it violated the Clean Air Act over the emission of harmful pollutants such as sulfur dioxide, U.S. authorities say. Reuters reports the world’s largest fertilizer producer will spend an estimated $2.5 million to $4 million to reduce ammonia and nitrogen oxide emissions at a nitric acid plant in Geismar. Other plants Potash will upgrade are located in Florida and North Carolina. Read the full story.
Three and out: Houston-based oilfield services company Baker Hughes Inc. says in its weekly report issued today the number of rigs exploring for oil and natural gas in the U.S. declined by four this week to 1,925. Of them, 1,568 rigs were exploring for oil and 356 for gas. One was listed as miscellaneous. A year ago there were 1,754 active rigs. Of the major oil- and gas-producing states, Texas gained five rigs, Kansas increased by two and North Dakota and Pennsylvania were up one each. New Mexico lost four, Louisiana and West Virginia each dropped three and Alaska, Ohio and Utah declined by one apiece.
World of owe: U.S. consumers increased their borrowing in September with gains in credit card debt and auto and student loans. The Federal Reserve says overall borrowing rose $15.9 billion following a $14 billion gain in August and a $22.8 billion July increase. The gains have pushed total consumer debt to a record level of $3.27 trillion. The category that includes credit cards showed a $1.44 billion increase in September after having dropped by $201 million the previous month. The category that covers auto loans and student loans increased $14.48 billion after a $14.23 billion increase in August. The Associated Press has the full story.
