Hurricane Harvey headed toward the Texas border with Louisiana, threatening more refinery capacity. Energy companies are likely to shutter additional large refineries in the area, further driving up the price of gasoline and other petroleum by-products.
United Technologies Corp. (NYSE: UTX) may buy Rockwell Collins Inc. (NYSE: COL) for about $20 billion. This would create a huge aircraft parts company, perhaps the world’s biggest.
Warren Buffett converted warrants in Bank of America Corp. (NYSE: BAC), which he got due to an investment during the financial crisis, to $16.5 billion, which makes him one of its largest shareholders.
About 500,000 damaged trucks and cars may be scrapped due to Hurricane Harvey, according to CNBC. Analysis by the news network shows that this may drive up used car prices short term but will cause a sharp increase in the purchase of new cars once the storm has subsided.
Uber finally confirmed that Expedia Inc. (NASDAQ: EXPE) CEO Dara Khosrowshahi will be its new chief. In a note on the ride-sharing service website, its board members wrote:
We’re really fortunate to gain a leader with Dara’s experience, talent and vision. The Board and the Executive Leadership Team are confident that Dara is the best person to lead Uber into the future building world-class products, transforming cities, and adding value to the lives of drivers and riders around the world while continuously improving our culture and making Uber the best place to work.
CNNMoney reports that the increase in shale oil production has helped boost petroleum supply hurt by Hurricane Harvey. Reporters at the news service wrote:
Hurricane Harvey took direct aim at the country’s Gulf Coast energy machine. But the blow is being softened by huge supplies of shale.
The shale revolution didn’t exist when Hurricanes Katrina and Rita pummeled the Gulf a decade ago and sent gas prices soaring. This time, hotbeds of shale in places like North Dakota, far from the reach of the storm, should limit the damage at the pump.