U.S. industrial production rose in August as a bounce back in motor vehicle assembly lifted manufacturing output, a hopeful sign for the economy after growth got off to a slow start in the third quarter.
Industrial output increased 0.4 percent last month after being flat in July, the Federal Reserve said on Monday. The rise was in line with economists' expectations.
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How Chevron avoided a $20 billion bullet, Wall Street Cheat Sheet:
When an oil spill at Brazil’s Frade fields broke out in 2011, the Deepwater Horizon disaster was still fresh in the everyone’s minds. Brazilian officials, in a highly punitive mode, told Chevron the bill would be steep — $20 billion.
Less than two years later, Chevron is walking away from the spill with only $95.2 million paid, the Wall Street Journal reports. Brazilian authorities greatly overestimated the magnitude of the spill.
According to reports, approximately 3,000 barrels of crude oil went into the sea northeast of Rio de Janeiro. With the 4.9 million barrels spilled the year before in the Deepwater Horizon spill, it’s clear Brazil’s environmental regulators were expecting the worst. However, the spill at the Frade fields was contained, and Brazil’s enforcement team noted in the settlement it wasn’t bad enough to warrant anything close to the $20 billion it quoted in court.Share price for CVX barely moved on this news, suggesting that no one really thought CVX would ever pay a $20 billion fine.
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