Economy

Global Oil Prices Fall To 11-Year Low

Global oil prices dropped again, falling to an 11-year low on Wednesday as investors worried about weak demand for refined petroleum products. New government data show U.S. stockpiles of gasoline and distillates, including diesel fuel and heating oil, soared in recent days, offsetting a decline in crude supplies. Taken together, crude and refined products are now at a record high, and that glut is driving retail prices lower.

Justice Department Files Lawsuit Against Volkswagen Over Emissions Software

On Monday, the Department of Justice, acting on behalf of the Environmental Protection Agency, filed a civil complaint in federal court in Detroit against Volkswagen. The DOJ alleges that nearly 600,000 diesel engine vehicles had illegal defeat devices installed that impaired emission control systems and caused emissions to exceed EPA's standards, resulting in harmful air pollution.