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From: usa-post@AmeriCast.Com
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Subject: energy Tue, Jul 14 1992
Date: Tue, 14 Jul 92 05:08:58 EDT
Message-ID: <ns.energy.1992Jul14.050858@AmeriCast.com>

07-14 0000
DECISIONLINE: Energy
USA TODAY Update
July 14, 1992
Source: USA TODAY:Gannett National Information Network
    
NATURAL GAS FINISHES STRONGLY:
   Energy futures prices were mostly higher Monday, with natural 
gas showing the strongest gains on the New York Mercantile 
Exchange. Natural gas for delivery in August shot up 6.9 cents per 
1,000 cubic feet, to $1.722. Home heating oil for delivery in 
August settled at 60.05 cents a gallon, up .64 cent. Heating oil 
continued to lead gasoline.
    
UNLEADED GAS, OIL FINISH UP:
   Unleaded gasoline for delivery in August settled at 58.10 cents 
a gallon, up .14 cent on the New York Mercantile Exchange Monday. 
Oil prices finished higher after reversing earlier losses in 
mostly technical trading. Light sweet crude oil for delivery in 
August settled at $21.36 per barrel, up 8 cents, at the New York 
Mercantile Exchange.
    
TEXACO SUBSIDIARY FACES SUIT:
   A Fairfax, Va., court is allowing complainants to seek up to 
$600 million in punitive damages against Texaco Inc.'s 50%-owned 
subsidiary, Star Enterprise, Bloomberg Business News said Monday. 
The damages would be in addition to the more than $200 million of 
compensatory damages several Fairfax property owners want because 
of petroleum products leaking into a nearby creek in 1990.
(For more, see special Suit package below.)
    
THIRD OF OLDER CARS COULD FLUNK:
   One of three cars built before 1990 likely would flunk tough 
new emissions tests announced Monday by the Environmental 
Protection Agency. Motorists in 177 urban areas in 38 states will 
have to put their autos through inspections. That includes 55 
cities that don't test emissions. EPA said the tailpipe program is 
the greatest air pollution reduction plan proposed under the Clean 
Air Act.
    
TESTS TO BEGIN BY MID-'94:
   More accurate emissions tests announced Monday by the 
Environmental Protection Agency begin by July 1, 1994, in cities 
with unhealthy levels of smog. Getting dirty emissions systems 
fixed is a cheap way to meet clean air goals, says the EPA. But 
the Natural Resources Defense Council criticized rules letting 
states permit independent repair shops to operate the test sites.
    
COMMONWEALTH ED DENIES TALK:
   Commonwealth Edison Monday denied reports that it has decided 
to cut its 20,000-member workforce by 8%. But it conceded 
discussions of such a move have been held. Spokesman John Hogan 
said nothing firm would be decided for "another 10 days or so." 
The next Edison directors' meeting is scheduled July 22. Hogan 
confirmed that Edison officers have been holding weekend meetings.
    
ORYX, OIL COMPANY IN DEAL:
   International Oil Reserves Inc. will sell 250,000 tons of gold 
and precious metal concentrates to Oryx Gold Corp. Oryx said 
Monday. In exchange for the assignment, Oryx agreed to issue to 
International Oil 50 million restricted common shares of Oryx 
Gold. Earlier this year, Oryx announced the acquisition of 100% of 
the issued and outstanding stock of American Oil and Gas Corp.
    
AMOCO MAY BUILD VENEZUELA PLANT:
   Amoco Corp. said Monday it is considering building a $300 
million chemical plant in Venezuela in a joint venture with 
Petroquimica de Venezuela SA and Organization Cisneros. The group 
would build the plant in a petrochemical complex under 
construction near the Cardon refinery. Petroquimica is a unit of 
Petroleos de Venezuela SA, the world's third-largest oil company.
    
PARKER DRILLING HAS INCREASE:
   Parker Drilling Co., Tulsa, Okla., Monday reported revenue of 
$32.25 million and net income of $1.8 million, or $.03 per share, 
for its third quarter of fiscal 1992, ended May 31. This compares 
to the company's total revenue of $28.2 million and net income of 
$554,000, or $.01 per share, for the same quarter a year ago.
    
SPECIAL PACKAGE ON TEXACO:
    
ADDITIONAL DAMAGES CAN BE SOUGHT:
   Complainants may seek punitive damages in addition to 
compensatory damages already sought in a case against Texaco 
subsidiary Star Enterprise, a court has said. Nearly 17,000 
gallons of petroleum products leaked into a creak in the Fairfax, 
Va., area in 1990, according to a form Texaco filed with the 
Securities and Exchange Commission.
    
TEXACO SPENDS $15M:
   Because of the leakage, Texaco spent $15 million to install a 
containment system to pump and treat the groundwater affected by 
the leak, according to the filing with the SEC. The leak was 
believed to have started at a tank farm operated by Star 
Enterprise, a joint-venture between White Plains, N.Y.-based 
Texaco Inc. and Saudi Aramco, the Saudi Arabian state oil company.
    
COMPANY PROBING SOURCE OF LEAK:
   The tank farm services the Washington metropolitan area, most 
of Virginia, parts of West Virginia, and Maryland's Eastern Shore. 
  Company officials didn't return phone calls. But the company 
said in the filing that it's still investigating the leak's 
source. It said it does not expect that the financial liability 
involving the complaints will have an important impact on the 
company.
(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.
    

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