NATION

NATION

Price of crude oil races above $145 per barrel

NEW YORK — Oil prices raced above $145 a barrel for the first time Thursday as traders added to their bets on the commodity ahead of the long holiday weekend.

There was little good news for Americans hitting the road for the July Fourth holiday, as gas prices set their own record near $4.10 a gallon.

Light, sweet crude for August delivery surged $1.72 to settle at a record $145.29 on the New York Mercantile Exchange. Earlier in the trading session, the last of the week, the contract rose to $145.85 a barrel, also a new high.

GE’s aviation unit buys turboprop company

HARTFORD, Conn. — General Electric’s aviation unit said Thursday it bought a Czech company that will help it make inroads into the fast-growing market for small twin-engine turboprop aircraft.

Cincinnati-based GE Aviation said it purchased Walter Engines, a manufacturer of small turboprop engines and machined parts for the aviation industry. GE Aviation did not disclose terms of the deal, but spokeswoman Deborah Case said it was less than $70 million.

Associated Press