Money in a Minute: Headlines From Around the Web

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In today's news: gas prices are pushing up other prices, Obama wants Big Oil to pay bigger taxes, electric cars will cause a shock to the power grid, Verizon warns its customers about privacy concerns, and the government might be wasting money on the Internet.

PRICES: Shoppers should get ready to pay more at register

Rising gas prices are rippling through the entire economy. “Major makers of everyday consumer products and groceries say they have to raise prices to offset soaring costs for their fuel,” USA Today reports. “Households reeling from gasoline near $4 face bigger bills for everything from changing their babies’ diapers to treating themselves to ice cream.”

OIL: President Obama says tax breaks should end for oil companies

In his weekly radio address, President Obama launched his strongest attack yet on big oil companies that receive big tax breaks. “The president said the U.S. shouldn’t be granting $4 billion in tax breaks to oil companies at a time when they are reaping tens of billions of dollars in profit and gasoline prices have risen above $4 per gallon in much of the nation,” Bloomberg reports.

CARS: Electric car boom could deliver a surge in grid power

If electric cars become the hit many experts predict, they’ll save their owners gas money – but put infrastructure costs on the rest of us. “Electric vehicles will require a 16-fold increase in power usage in the next decade,” CNN reports, “putting pressure on utilities to find out how to handle car charging as quickly as possible.”

CELL PHONES: Verizon to put location-tracking warning sticker on phones

After Apple angered privacy experts – and many iPhone owners – when it was revealed its phones stores location data, the nation’s largest mobile operator will slap warning stickers on its phones that read, “This device is capable of determining its (and your) physical, geographical location and can associate this location data with other customer information.”

TECH: Study questions federal spending on broadband

Some in Congress are saying when the federal government spends money to expand high-speed Internet access to areas with little or no service, it’s not money well spent. “The federal government money is subsidizing some companies to compete against others that didn’t receive subsidies,” USA Today reports. “Congress allocated $7.2 billion to expand high-speed Internet service in areas with limited or no services.”

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