Goose and gander: What is good for the American consumer may be less so for big American companies. The New York Times reports that while the American consumer may be cashing in on lower oil prices, rock-bottom interest rates and—for those planning trips to Paris and Rome—a strong dollar, a growing number of big American multinational companies have begun to suffer from these very same trends. On Tuesday, Procter & Gamble and Caterpillar, which export many of their products overseas, blamed a weak global economy and a too-strong dollar for their disappointing earnings. Read the full story.
Speaking up: Four refining company CEOs are pleading for their side to be heard in the coming congressional debate over crude exports. FuelFix.com reports the foursome, all members of the group Consumers and Refiners United for Domestic Energy, highlighted their concerns in a letter Tuesday to the new chairwoman of the Senate Energy and Natural Resources Committee, Lisa Murkowski, R-Alaska. “The implications of lifting restrictions on exporting domestic crude are less well known to lawmakers, much less the public,” say the executives from Alon USA, Monroe Energy, PBF Energy and Philadelphia Energy Solutions. Read the full story.
On the shelf: President Obama on Tuesday abandoned a proposal to end a major tax benefit of popular college savings accounts used by millions of American families after the White House faced mounting criticism from lawmakers and parents. White House officials say the backlash against the president’s plan became “such a distraction” that it was best to drop the proposal, which would have removed the ability of families to withdraw money tax-free from the savings plans, known as 529s. The Washington Post has the full story.
