Harold Maass of The Week The Best of Today's Business

Battling over gas

Alaska officials filed an antitrust lawsuit against BP and Exxon Mobil, accusing them of blocking shipments of the state's natural gas to drive up prices. Alaska wants to build a pipeline to help reach U.S. markets, but the energy companies won't go along. They prefer a proposal for a longer pipeline through Canada. An Exxon spokesman said the lawsuit was "frivolous," and a " sobering reminder of our litigation-crazed society." (The Wall Street Journal, paid registration required)

Going after gas misers

Japan's Big Three automakers are introducing new small cars in the U.S. next year to tap demand for models that don't guzzle gasoline. Toyota's Yaris, Nissan's Versa, and Honda's Fit get up to 40 miles per gallon, rivaling gas-electric hybrids and the tiny Chevrolet Aveo. "The competitors are coming," said one Chevy executive. (The Washington Post, free registration required)

China gets bigger

China said its output last year was 16.8 percent greater than previously reported, pushing mainland China past Italy as the world's sixth largest economy. Including Hong Kong would make China No. 4, behind only the U.S., Japan, and Germany. The increase came after an economic census provided more detail on service businesses from restaurants to street vendors. (AP in Yahoo! Finance)

Icahn not happy

Billionaire investor Carl Icahn blasted a deal between Time Warner's America Online and Google. Icahn, who owns a 3 percent stake in Time Warner, is pushing the media giant to sell off assets and streamline. He says selling Google a 5 percent stake in AOL under a new advertising alliance would ruin the chances of getting a better deal from someone else. (CNNMoney)

Betting on Howard Stern

A former executive at Howard Stern's accounting firm has pleaded guilty to trading on insider information that the shock jock was jumping radio networks. Gary Herwitz, 50, learned from his Manhattan firm's chief executive, Stern's longtime accountant, that Stern was moving from Infinity Broadcasting to Sirius Satellite Radio. Herwitz bought 25,000 shares of Sirius stock, and made $18,000 when shares jumped after Stern made his plans public. (USA Today)

BEST COLUMNS OF THE DAY

Some properties still hot

The boom is over, say the editors of BusinessWeek, but there are still ways to make money in real estate. Instead of fixing up your house and flipping it for a quick profit, you might have to take a look at rental properties in the heartland where home prices haven't skyrocketed. Or consider real estate investment trusts that own hotels or apartments, which can raise rents quickly to benefit from the strong economy.

Freer trade

A "towering redwood among trade barriers" has just fallen, say the editors of Investor's Business Daily. A World Trade Organization agreement to end farm subsidies by 2013, if adopted next year, will finally give farmers in poor countries access to markets everywhere, even heavily subsidized Europe. But consumers in rich countries will also benefit -- subsidies add 42 percent to the price of produce in Europe, and 10 percent in the U.S.

GOOD DAY FOR: Carpooling, as New York City's transit workers went on strike early today, leaving 7 million daily riders of subways and buses searching for new ways to get around. Mayor Michael Bloomberg urged people to walk, bicycle, or carpool to work. (Associated Press)

BAD DAY FOR: The spirit of giving, as the average American will spend $628 on home improvement this holiday season, a few dollars more than on gifts. (MarketWatch)

NOTED: People who shop on credit spend up to 30 percent more on gifts. (Money)