Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Mon, Jul 13 1992 Date: Mon, 13 Jul 92 05:08:08 EDT Message-ID: 07-13 0000 DECISIONLINE: Energy USA TODAY Update July 13, 1992 Source: USA TODAY:Gannett National Information Network REFINED PRODUCTS SETTLE HIGHER: Petroleum prices settled lower Friday, weakened by a late bout of selling that eroded earlier gains on the New York Mercantile Exchange. Wholesale home-heating oil for August delivery settled 1.6 cent a gallon higher at 59.41 cents. For the week it lost 1.74 cent. Natural gas settled higher a $1.653 per 1,000 cubic feet, vs. $1.639. For the week, it lost 7.4 cents. CRUDE CLOSES LOWER: The near-month price of benchmark light sweet crude oil fell to close at $21.28 a barrel Friday on the New York Mercantile Exchange. For the week, light sweet crude was down 82 cents. Wholesale unleaded gasoline for August fell .8 cent a gallon to settle at 57.96 cents Friday on the New York Mercantile Exchange. For the week, it lost 4.49 cents. EMISSIONS PROGRAM IS SET: The Environmental Protection Agency Monday will announce a tough auto emissions testing program to help alleviate smog problems in 177 urban areas. The EPA's proposal "has the potential to yield greater emissions reductions than any other single smog control strategy," according to S. William Becker of the State and Territorial Air Pollution Program Administrators. (For more, see special EPA package below.) PSI REFUND ORDER AMENDED: The Indiana Supreme Court has refused to rehear its November 1991 order requiring a refund to PSI Energy customers. But the court amended its order, allowing for the potential to significantly cut the size of the refund. PSI took an $85 million after-tax charge against 1991 earnings to reflect a potential refund of $135 million, based on estimates of November's order. OIL COSTS SHOW RUN-UP: Prices paid by wholesalers rose modestly in June as widespread declines nearly offset a run-up in oil costs, the government said Friday in a report illustrating weak demand. The 0.2% gain in the Labor Department's Producer Price Index was half the 0.4% rise in May. In June, energy prices were up 2.3%, the biggest advance since October 1990, but food prices rose just 0.2%. NEW YORK STANDARDS PROMPT SUIT: Two trade associations representing most of the world's automakers have filed suit challenging New York's adoption of California's standards for automobile emissions, which are stricter than federal rules. The automakers say it will be harder for them to meet the vehicle standards in New York because the state did not adopt California's requirement to produce cleaner-burning gas. PROGRAM ADDRESSES PRODUCTION: Massachusetts also has adopted the California vehicle standards, but the state is studying ways to implement a clean-fuels program like California's. Despite complaints from carmakers, the California Air Resources Board recently reiterated its commitments to the 1994 and 1997 vehicle-emission deadlines in California. CHEVRON, ARCO TO PROVIDE FUEL: Chevron Corp. and Atlantic Richfield Co. will provide the reformulated gasoline for the fuels testing project in Southern California, according to Bloomberg Business News. The test involving Federal Express vans also will use methanol, compressed natural gas, liquefied petroleum gas and electricity. The test is part of an attempt to alleviate pollution in Southern California. MINING TOO ROUGH, SAYS REPORT: A new study released Saturday says the Earth can't afford the environmental cost of miners excavating 28 million tons of material each year. The Worldwatch Institute says that governments should end subsidies to mining companies and tighten environmental controls on the industry. U.S. mining companies do not have to report their toxic emissions to state and federal regulators. COMPANY DECLARES DIVIDEND: The board of directors of New York State Electric & Gas Corporation Friday declared a quarterly dividend of 54 cents per share on the common stock of the corporation payable Aug. 15, 1992, to holders of record on July 28, 1992. This represents an increase of one cent over the last quarterly dividend. SPECIAL PACKAGE ON EPA: BIANNUAL TESTING EXPECTED: The Environmental Protection Agency Monday is expected to announce an emissions control program that will, among other regulations, require vehicles to be tested every two years. The EPA also is expected to order a computerized "high-tech" tailpipe test more accurate than many existing programs and require owners to make up to $450 in repairs if a vehicle doesn't meet standards. TEST EFFECTIVENESS VARIES: Many states already require periodic emission tests, but the effectiveness varies widely from state to state. In New York, for example, independent garages handle emissions tests, rejecting just 5% of all cars checked. In New Jersey, a state-run testing program rejects one car in four. But EPA is headed for criticism for allowing testing and repairs to be done at the same place. PROGRAM COULD SAVE DRIVERS MONEY: The program could save some motorists money. An EPA study of existing Michigan and Maryland programs found that 30% of all cars were incorrectly rejected, forcing owners to make needless repairs. "This program has the potential to make a significant impact," says William Rosenberg, EPA assistant administrator for air and radiation. (End of package.) Energy Editor: Beth Mann. (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