Topic: Kinder Morgan Energy Partners LP
Stocks closed lower on Wall Street after a report showed the US economy unexpectedly contracted in the fourth quarter, putting the brakes on a January rally that has pushed stocks toward record levels.
Many fossil fuels companies fared better under President Obama than President Bush, because of lag effects. Even if he Obama pursues an energy policy hostile to oil or gas, its impact probably won't be felt for several years.
Kinder Morgan purchased rival pipeline operator El Paso Corp for $21 billion, creating what will be by far the country's largest pipeline distributor of natural gas.