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 Tue, Mar 10 1992 Date: Tue, 10 Mar 92 05:44:45 EST Message-ID: 03-10 0000 DECISIONLINE: Energy USA TODAY Update March 10, 1992 Source: USA TODAY:Gannett National Information Network OIL RALLIES AT CLOSE: Oil prices staged a late rally Monday, ending a slow trading session. Light sweet crude oil for delivery in April settled at $18.67 per barrel, up 16 cents, at the New York Mercantile Exchange. Sour crude for May delivery settled at $16.02 per barrel, up 11 cents. Traders said the market is waiting for news that could send crude either below $18 or above $19 per barrel. NATURAL GAS PRICES HIGHER: Prices for refined petroleum products were mixed Monday at the Mercantile Exchange. Home heating oil for delivery in April settled at 51.18 cents a gallon, up .15 cent. Unleaded gasoline for delivery in April settled at 57.47 cents a gallon, down .26 cent. Natural gas prices were mostly higher, with contracts for delivery in April settling at $1.180 per 1,000 cubic feet, up 1.5 cents. PANEL SAYS PROTECT REFUGES: National wildlife refuges are imperiled by mining, oil and gas exploration and recreational activities, experts said in a report Monday. Congress should think twice about the kinds of activities permitted on the 472 refuges, which cover 90 million acres, the 18-member panel said. It recommended elevating the refuge system to the same level of reverence accorded national parks. REFUGES ARE FOR FRAGILE SPECIES: "When Charles Darwin spoke of `survival of the fittest,' he certainly was not talking about whooping cranes vs. oil rigs ...," said Rodger Schlickeisen, president of Defenders of Wildlife. But on the vast majority of refuges - the only places in the USA set aside as havens for fragile species - wildlife must compete with military exercises, mining and off-road vehicle use, he said. CMS ENERGY REPORTS EARNINGS: CMS Energy Corp., the parent firm of Consumers Power Co., Monday reported a net loss of $276 million or $3.44 per share in 1991. CMS attributed the loss to a $294 million after-tax writedown related to the final regulatory order issued in 1991 on Consumers Power's abandoned Midland nuclear plant. CMS also cited Consumer Power's underrecovery in rates of the cost of electric power purchases. CHINA LIGHT, EXXON HAVE PLANS: China Light and Power and its partner Exxon plan to spend up to $7.74 billion over the next decade on new power plants in Hong Kong, the two said Monday. CLP and Exxon are the monopoly suppliers of electricity to Kowloon and the New Territories in Hong Kong. The two companies signed another 15-year scheme-of-control agreement with the Hong Kong government for supply of power to the colony. ARCO, CNOOC TO SUPPLY GAS: The China National Offshore Oil Co. and Arco International Oil and Gas, the exploration arm of Atlantic Richfield Co., plan to lay a 500-mile submarine pipeline from the Yinggehai gas field China to the New Territories of Hong Kong. The agreement, which provides for supply for a minimum of 20 years, requires CNOOC to deliver gas by 1996. NORTH SEA FIND ANNOUNCED: A partnership that includes Agip (U.K) Limited and Sun Co. Inc. subsidiary Sun Oil Britain Limited has made a natural gas discovery in the North Sea, it was announced Monday. TAgip (U.K.) Limited, operator of the discovery well with 35% interest, said a drill stem test below 3,000 meters flowed gas at a stabilized rate of 19.5 million standard cubic feet a day through a one-inch choke. OXFORD REPORTS CHARGES: The Oxford Energy Co. said Monday that it will take an $11 million charge in the fourth quarter of 1991. The charge includes, among other things, reserves for the restructuring or possible closure of certain non-tire-to-energy facilities. The $11 million fourth-quarter charge brings total restructuring charges for fiscal 1991 to $18 million, the company said. SMOG LAW DEBATED IN CONN.: Connecticut Environment Commissioner Timothy Keeney Monday urged lawmakers to let the state Department of Environmental Protection study the smog-reduction issue and develop a plan by 1995 rather than adopt an emissions law now. Opponents of the measure say a tough smog law would raise gas prices. Keeney will discuss the issue Tuesday at a meeting of the Ozone Transport Commission. GOV. WANTS TO SPEED PROBE: New Mexico Gov. Bruce King Monday signed a bill designed to speed up the investigation and cleanup of leaking underground gasoline storage tanks. State law limits fees to owners to $10,000 as long as they offer full cooperation. GAS TAX'S USE SPARKS DEBATE: The South Carolina House Monday began debate of a $3.7 billion state budget that was already under attack for how it spent education and gasoline money. The plan takes $66 million from a special road fund that generates its money from 3 cents-per-gallon gas tax and puts it into the state's general fund. Critics say money should stay in account. 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