6at4 Business Report: Facebook buys Instagram; Gas prices up

April 9, 2012 2:02:44 PM PDT
Facebook expands by buying popular online photo tool Instagram.

Facebook buys Instagram for $1 billion
Facebook has scooped up the popular photo sharing app, Instrgram. The social networking service is shelling out about $1 billion. It's the company's biggest acquisition yet. Instragram has more than 3 million registered users. The purchase comes as Facebook tries to boost up its features with extra bells and whistles ahead of its $5 billion IPO. It will be the biggest internet IPO in history.

Philly Gas Prices Near $4/gallon
Gas prices stayed the same overnight, but they have shot up 8¢ on average since last week. In Philadelphia, the price for a gallon of regular stands at $3.98 cents. That's according to the American Automobile Association. Drivers in Delaware are paying $3.91. South Jersey still has the cheapest gas at $3.78 cents.