Spill: New research indicates that the toppled oil platform at the Taylor Energy site, which has been leaking into the Gulf of Mexico for more than 14 years, may have released more oil than first estimated. The spill is possibly pushing its total volume beyond BP’s Deepwater Horizon oil disaster, NOLA.com reports. At the higher calculated rate, and added up over the past 14 years and four months, the Taylor leak could be one of the largest, although, also slowest, oil disasters in history. Read the full story.
Price hike: Visa and Mastercard, the two biggest U.S. card networks, are planning in April to increase certain fees that U.S. merchants pay to process transactions, The Wall Street Journal reports. Merchants often increase the prices consumers pay following such fee increases, in an attempt to protect their own profits. Roughly 1% to 2.5% of prices for goods and services go to cover card fees. Read the full story.
Car making drops: U.S. industrial production fell 0.6% in January, stemming in large part from an 8.8% plunge in the making of motor vehicles and auto parts. The Federal Reserve said this morning that the manufacturing component of the index dropped 0.9% last month, reversing a 0.8% gain in December. Over the past 12 months, factory production has increased just 2.9%. Manufacturing of wood products, computers, electrical equipment, apparel and chemicals also fell in January. Read the full story.