For the first month in nearly two decades, the U.S. in October extracted more oil from the ground than it imported from abroad.
Not since 1995 has the U.S. produced more crude oil than it imported. For several years, domestic production has been on the rise while net imports have been declining. But data released Wednesday by the Energy Information Administration, the statistical wing of the Energy Department, show the trend lines have finally crossed, with crude oil production topping 7.7 million barrels per day.
Starbucks Corp. will pay Mondelez International Inc. $2.79 billion to settle a dispute over distribution in the coffee-shop chain’s bagged-coffee unit. The ruling settles a dispute that began in 2010, when Starbucks offered $750 million to end an agreement through which Mondelez, then known as Kraft Foods Inc., distributed its coffee to food retailers. Kraft rejected the offer.
After a bumpy start to its reinvention as a luxury brand, Lincoln hopes to smooth things out with a graceful new SUV. The Lincoln MKC, introduced Wednesday in New York, is the second of four new vehicles Ford Motor Co. is counting on to revive its luxury brand. It goes on sale in the U.S. next summer for a starting price of $33,995.