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Monday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.

Two-thirds of North America faces risk of electricity shortfall

Two-thirds of North America could face the risk of electricity shortfalls this summer, according to the North American Electric Reliability Association, with the U.S. West at elevated risk due to widespread heat events.

The NAERA says new EPA environmental rules that restrict power plant emissions also enhance the risk of outages.

Instagram to release text-based app

Meta-owned Instagram plans to release a text-based app that will compete with Twitter and may debut as soon as next month.

Bloomberg reports the Facebook parent company is testing the product with influencers and some creators.

Esports companies struggling to turn profit

After years of fanfare, e-sports in the United States are falling victim to economic realities.

Unable to turn a profit, team owners are cutting costs by laying off employees and ending contracts with star players. In some cases, owners are selling their teams, sometimes, at a loss, The New York Times reports.

American Airlines, JetBlue must break up alliance

American Airlines and JetBlue Airways have to break up their alliance on northeast U.S. flight routes, according to a U.S. district court judge.

The judge ruled in favor of the Justice Department, giving the Biden administration a victory.

The DOJ says the two companies raised prices and reduced choice for air passengers traveling to and from major cities in the northeast.

U.S. sees lower gas prices going into Memorial Day weekend

A continued drop in demand for gas and low oil prices could mean Americans get some more relief at the pump as we head into Memorial Day.

The national average cost for a gallon of gas was $3.53 for the week ending May 18, 2023.

Last Memorial Day weekend, the national average was $4.59 per gallon.

AAA says the current average price in Indianapolis is $3.50 per gallon. Last Memorial Day, the price locally was $4.60.