Business Roundtable lobbyists wanted 2013 to be the year lawmakers, free of immediate election pressures, would revamp U.S. immigration policy, pass a debt- lowering budget and expedite a pair of trade deals.
The biggest U.S. oil boom in almost a quarter century is prompting refiners in the Gulf of Mexico to book the most tankers since at least 2011 to ship products to Asia, signaling a monthly record in cargoes.
Spot gasoline in San Francisco fell to the weakest level relative to New York futures in more than three months as U.S. West Coast refineries operated at the highest seasonal rates in at least three years.
China’s broadening national-security commitments, including a warning of defensive measures against foreign aircraft in its new East China Sea air zone, risk straining a military still catching up with its rivals.
Alaska North Slope crude weakened for a third day on the spot market against West Texas Intermediate after increased production in November and reports of refinery outages in California, the oil’s biggest market.
China’s escalation in its challenge to Japan’s administration of islands near Taiwan reflects an effort to gain greater command of the air and seas in the western Pacific as it builds itself into a maritime power.