The news at a glance

Gas: Prices on an unseasonable climb

Gas prices are soaring, said Steven Mufson in The Washington Post. Retail gasoline prices have been climbing for more than a month straight, subjecting drivers to the fastest run-up in fuel prices since 2005. Since Jan. 17, the national retail price for gasoline has risen by more than 43 cents. “This is the most expensive we’ve seen gasoline in the dead of winter,” said John Townsend, a spokesman for AAA. Analysts have been split on the reasons for the rising gas prices, which they blame on reduced oil production in Saudi Arabia, market anxiety over tension in Iran and Iraq, and a sluggish economic recovery in the U.S., Europe, and China.

There is another key factor in the unseasonably high gas prices, said Alison Sider and Paul Rekoff in The Wall Street Journal: An unexpected wave of refinery shutdowns. Refineries usually schedule routine maintenance for January and February, which are typically months of low gasoline demand, since “inclement weather makes drivers more reluctant to take to the roads.” But this year, Superstorm Sandy exacerbated operational problems and deepened shortages at oil terminals and refineries. Those hiccups in the delivery system are helping to drive up prices at the pump across the country.

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Mergers: Office Depot snaps up OfficeMax

Office Depot will purchase OfficeMax for $1.17 billion so it can better take on office-supplies leader Staples, said David Welch and Matt Townsend in Bloomberg.com. Analysts said the merger could “generate as much as $580 million in cost savings” and lead to the closing of as many as 600 locations. “Everyone sells Bic pens and Swingline staplers,” said University of Michigan business professor Erik Gordon. “The competitive advantage is to sell them cheaper and get them delivered quickly.” The deal will require approval by the Federal Trade Commission, which may raise antitrust questions.

Tech: Apple hit by hackers

Unknown hackers have infected the computers of some Apple employees, said Jim Finkle and Joseph Menn in Reuters.com. The company disclosed the cyberattack this week, saying the perpetrators used malware designed to attack Macs. “This is a new campaign,” said one person briefed on the attacks. “It’s not like the other ones you read about where everyone can tell it’s China.” In a statement, Apple said the company had isolated the infected systems and was cooperating with law enforcement to investigate the cyberattack’s origin.

Wall Street: Feds probe Heinz trades

Federal authorities are investigating suspicious trades placed ahead of Warren Buffett’s $23 billion acquisition last week of ketchup-maker H.J. Heinz, said Ben Protess in The New York Times. The FBI opened a criminal inquiry just days after the Securities and Exchange Commission announced its probe into possible insider trading involving 2,533 options bought through a Swiss account at Goldman Sachs. “The timing, size, and profitability of the defendants’ trades, as well as the lack of prior history of significant trading in Heinz, makes these trades highly suspicious,” an SEC complaint said.

Banks: Hearings likely in ‘London whale’ case

A Senate panel looking into JPMorgan Chase’s “London whale” losses last year is ready to start calling witnesses, said Scott Patterson and Daniel Fitzpatrick in The Wall Street Journal. The Senate hearings “could prove embarrassing” for the bank’s chief, Jamie Dimon, since they are likely to focus on how much JPMorgan executives knew about the risky trades, which cost the bank more than $6.2 billion. In January the bank’s board slashed Dimon’s compensation in half “as punishment for the trading fiasco.”