Shell to buy elec­tric car charg­ing providers

The Columbus Dispatch - - Market Summary -

LON­DON — Oil com­pany Shell has signed an agree­ment to buy elec­tric ve­hi­cle charg­ing firm New­Mo­tion. It did not dis­close terms.

The com­pany, which will be­come a wholly owned sub­sidiary of Royal Dutch Shell, op­er­ates more than 30,000 pri­vate elec­tric charge points for homes and busi­nesses in the Nether­lands, Ger­many, France and the U.K.

Shell’s Vice Pres­i­dent for New Fu­els, Matthew Tip­per, said Thurs­day that the deal will give cus­tomers “flex­i­bil­ity to charge their elec­tric ve­hi­cles at home, work and on the go.” that hap­pened in the wake of Hur­ri­cane Har­vey clos­ing a crit­i­cal num­ber of U.S. gaso­line pro­duc­ers.

The sharp rise is ex­pected to be tem­po­rary as the ef­fects of the hur­ri­cane fade.

The La­bor Depart­ment said Thurs­day that its pro­ducer price in­dex, which mea­sures in­fla­tion pres­sures be­fore they reach the con­sumer, has risen 2.6 per­cent over the past 12 months. Septem­ber’s burst of in­fla­tion is likely the re­sult of oil re­finer­ies shut­ter­ing along the Gulf of Mex­ico due to Hur­ri­cane Har­vey to­ward the end of Au­gust. As a re­sult, gaso­line prices surged 10.9 per­cent in Septem­ber.

The jump in pro­ducer prices is oc­cur­ring af­ter years of sub­dued in­fla­tion. The Fed­eral Re­serve tar­gets a 2 per­cent yearly in­crease in con­sumer prices in or­der to en­cour­age eco­nomic ac­tiv­ity, but the U.S. cen­tral bank has per­sis­tently missed that tar­get for the past five years.

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