Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Wed, Mar 4 1992 Date: Wed, 4 Mar 92 05:50:52 EST Message-ID: 03-04 0000 DECISIONLINE: Energy USA TODAY Update March 4, 1992 Source: USA TODAY:Gannett National Information Network '90S COULD BE DECADE OF EVS: Politics, technology and Detroit's automakers are sparking a rebirth for electric vehicles, which died a quiet death at the beginning of the 20th century. Prodded by California law requiring that, by the 1998 model year, at least 2% of each automaker's sales be of "zero-emission vehicles," the Big Three are investing tens of millions of dollars in a race to build the car of the future. (For more, see special Electrics package below.) NATION'S CRUDE SUPPLY UP: The USA's supply of crude oil rose last week, while home heating oil and gasoline stocks fell, the American Petroleum Institute said Tuesday. The USA had 339.8 million barrels of crude in storage for the week ending Friday, up 5.6 million. The supply of distillates, which include home heating oil, fell 4.7 million barrels, to 108.4 million. The gas stocks fell 1.2 million barrels, to 229.6 million. OPEC NEWS LIFTS PRICES: News that OPEC may meet soon to discuss more production cuts and rumors of another coup attempt in Venezuela sent oil prices higher Monday. Light sweet crude oil for delivery in April settled at $18.64 a barrel, up 30 cents, at the New York Merc. Lower-grade sour crude for delivery in May settled at $16 a barrel, up 25 cents. Venzuela is a leading oil producer and OPEC member. REFINED PRODUCTS GAIN: Prices for refined products futures were higher Monday at the Mercantile Exchange. Home heating oil for delivery in April settled at 50.92 cents a gallon, up .72 cent. Unleaded gasoline for delivery in April settled at 59.06 cents a gallon, up .31 cent. Natural gas prices were mixed, with contracts for delivery in April settling at $1.167 per 1,000 cubic feet, unchanged. REFINERIES' OUTPUT DOWN: The nation's refineries cut back their output last week, according to the American Petroleum Institute. U.S. refineries were running at 79.2% of capacity, down from 80.1% a week earlier, said an API report out Tuesday. The report is closely watched by oil traders. TEXACO BACK IN KUWAIT: Texaco resumed oil production Tuesday in the Kuwait-Saudi Arabia neutral zone for the first time since its petroleum facilities were destroyed by Iraqi troops during the Gulf war. Texaco estimates its production initially will be about 20,000 barrels of oil a day, rising to 30,000 barrels a day by the end of the year. Texaco was getting 67,500 barrels a day before Iraq invaded Kuwait in 1990. MICH. UTILITY REACHES AGREEMENT: Consumers Power Co., a group of large electricity users and the Michigna Public Service Commission staff reached pact that will settle 21 cases in courts and with the PSC, the users' group said Tuesday. Deal would allow all customers to share in $75 million that the firm was ordered to refund for passing plant cost overruns onto ratepayers. SIRENS TO BE CHECKED: Workers will check four emergency sirens that malfunctioned out of 153 tested within 10-mile radius of the Indian Point Nuclear Power Plant in Buchanan, N.Y., Con Edison said Tuesday. Con Edison, which operates Indian Point Two, tests the emergency sirens four times a year. If there was an emergency at the plant the sirens would sound for three to five minutes to alert residents. TRANSCO FILES RATE PROPOSAL: Transcontinental Gas Pipe Line Corp., a subsidiary of Transco Energy Co., has filed with the Federal Energy Regulatory Commission a certificate application to implement an incentive ratemaking program. TGPL also filed a general rate case. The general rate filing proposes an annual increase in revenues of $234 million. The rates are expected to become effective in September. SUPERFUND CLEANUPS SPEEDED UP: Heavily polluted hazardous waste areas will get cleaned up sooner under a proposed plan by federal regulators to streamline the Superfund program. Goal: Trim two years off the current 10-year wait on the National Priorities List. Currently there are 1,235 sites with work ongoing at 600 sites. Congress set up the Superfund in 1980. SPECIAL PACKAGE ON ELECTRICS: EVS ARE `HISTORY-MAKING': "This is a history-making product," said Kenneth R. Baker, who runs General Motors Corp.'s electric vehicle program. GM has said it will mass-produce a sporty electric car by the mid-1990s. The venture is risky. Consumers may not be ready to move away from the internal-combustion engine, especially if automakers don't solve persistent problems with high cost and limited driving range. NO ONE WANTS TO BE LEFT BEHIND: If electric cars catch on, companies that haven't embraced them early may have trouble catching up. "The risk is too high not to play," said Patrick D. Campbell, director of financial and strategic planning for GM's EV program. Ten-year sales projections for electrics range from a couple hundred thousand in California to more than 1 million if other states adopt California's law. OTHERS JOIN BANDWAGON: Battery makers, utilities, electronics companies, engineering firms, plug and cord makers, tire makers and auto suppliers are seeking a piece of the EV business. Industry and government groups have joined to explore ways to build a recharging network. Some states are mulling tax breaks and other incentives to spur sales. Proponents are pushing legislation that would stimulate research. BIG THREE HAVE PLANS: GM has designated factories in Michigan, Indiana and California to produce an electric car. Ford last month unveiled its bubble-shaped Connecta concept car at the North American International Auto Show in Detroit. Ford in the coming year will put 80 electric vans into demonstration fleets in Europe and the USA. Chrysler Corp. this month will announce plans to build an electric car. (End of package.) Energy Editor: William Snoddy. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM