Search

Byline: THADDEUS HERRICK; WALL STREET JOURNAL STAFF; © 2007 Dow Jones & Co. Inc. GALVESTON, TEX. -- In recent years, the Texas barrier island of Galveston has witnessed a building [...]

Specialized lifestyle communities catering to aging, affluent baby boomers with time to commit to a hobby are being developed across the U.S. Fitness villages, equestrian-estate communities and communities with their own private airstrips and automobile race tracks are just a few of the options now available to home buyers.

Dell Inc. of the United States posted soaring fourth quarter profit up by 52 percent to $1.01 billion from $667 million last year. The revenue increase is due to strong sales in offshore countries and a direct-sales strategy plan. Also sales in the computer industry are up across the board.

Petroleum and gas industry damage due to Hurricane Rita in the Gulf of Mexico appears to be limited and not expected to blow into a longterm economic burden. Oil and gas prices could increase, gasoline to $3 a gallon. Insured damage claims due to the hurricane appear to be $2.5 billion to $6 billion.

The petroleum industry is experiencing a shortage of oil refineries to process crude oil into usable products has become a large problem in the United States. A rise in crude oil prices has caused an increase in the prices of refined petroleum products.

The results of an internal investigation conducted by BP PLC into the causes of an explosion at the company's refinery in Texas City, Texas, are discussed. The British petroleum company is blaming the blast, which killed 15 employees and injured 170 others, on poor safety procedures at the facility. U.S. workplace safety and environmental regulators will be considering the results of the company's internal report in conducting their own investigations of the incident.

Valero Energy Corp. is to acquire Premcor Inc. for $6.9 billion. Valero Energy Corp., the petroleum refinery company, returned 380 percent to its shareholders between 2000 to 2004. News of the acquisition has both stocks increasing, Valero Energy Corp. up 83 cents to $75.87 and Premcor Inc. up $10.70 to $69.70, although an analyst at Deutsche Bank says the deal financing is overvalued.

Fearing that it would not get a fair hearing in its home country, Russia's OAO NK Yukos is filing for bankruptcy protection in the United States. The petroleum company is hoping that a Chapter 11 bankruptcy ruling in a court in Houston, Texas, will block the Russian government from forcing the sale of its main production unit, Yuganskneftegas.

Another factor in the rising price of oil is the fact that U.S. petroleum refiners have not upgraded their plants to be able to process cheaper grades of oil.

DuPont Co. has agreed to settle a class action law suit alleging that it polluted water supplies in West Virginia and Ohio with a chemical known as perfluorooctanoic acid. The chamical maker is currently conducting a study that it believes will confirm its belief that the chemical which is used in the manufacturing of Teflon is not harmful to humans.