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 Thu, Jul 23 1992 Date: Thu, 23 Jul 92 04:33:09 EDT Message-ID: 07-23 0000 DECISIONLINE: Energy USA TODAY Update July 22, 1992 Source: USA TODAY:Gannett National Information Network TENSION SENDS CRUDE HIGHER: Light sweet crude oil futures settled higher as traders considered bullish inventory reports and increased tensions in Iraq. The September crude oil contract was 29 cents higher at $28.84 a barrel on American Petroleum Institute data showing stocks for the week ending July 17 declined by 6.14 million barrels. Crude also got a boost from Iraq's refusal to allow U.N. inspections. REFINED PETROLEUM PRODUCTS UP: August heating oil was 1.06 cents higher at 60.93 cents a gallon on the New York Mercantile Exchange Wednesday. Unleaded gasoline for August also rose, settling .33 cent higher at 60.72 cents a gallon. August natural gas settled up, closing Wednesday 3.9 cents higher at $1.809 per 1,000 cubic feet. HOUSE APPROVES NUKE WASTE BILL: The House on Tuesday approved, by a 382-10 vote, a bill paving the way to open a controversial $1.2 billion nuclear waste site in southern New Mexico. The compromise legislation would give the Department of Energy permanent control of the 10,240 acres on which the Waste Isolation Pilot Plant stands, a key factor in the plant's operation. (For more, see special Waste package below.) FUEL CONVERSION DEAL REACHED: Allied-Signal Inc. and Nuclear Fuel Services Inc. have reached preliminary agreement with two Russian partners on a commercial nuclear venture, it was reported Wednesday. The project would convert highly enriched uranium from dismantled nuclear warheads into fuel for nuclear power plants. Highly enriched uranium will be blended with natural and other low-enriched uranium to make fuel. RUSSIAN PARTNERS INVOLVED: Allied-Signal Inc.'s partners in a joint venture to make fuel for nuclear power plants include the Ministry of the Russian Federation of Atomic Energy and the Russian Academy of Sciences. The ministry would provide uranium from retired weapons and other sources. The venture expects to sell the fuel to the world nuclear power industry in conjunction with the U.S. government. POWER COMPANIES MERGE: The merger of Iowa Power Inc. of Des Moines and Iowa Public Service Company of Sioux City took effect Wednesday. The newly formed Midwest Power Systems Inc. received approval late Tuesday from the Federal Energy Regulatory Commission. Midwest Power Systems has two operating divisions, Midwest Power and Midwest Gas. The two serve 412,000 and 363,000 customers, respectively. HORSHAM IPO HALTED: Horsham Corp. Wednesday said an initial public offering of seven million common shares by a subsidiary will be delayed until "the market is more receptive." Paul Melnuk, president of Clark Oil & Refining Corp., said the company won't raise capital "until is is available on favorable terms." Melnuk said the company will issue the IPO only when the market improves. ENRON EXTENDS EDS CONTRACT: Enron Corp. said Wednesday it will add three years to its existing 10-year contract with Electronic Data Systems Corp. Enron will pay EDS an additional $150 million under the terms of the agreement. EDS has invested the same amount in newly issued Enron common stock. EDS is responsible for all the natural gas company's computer and information processing. AMOCO REPORTS LOSS: Amoco Corporation Wednesday reported an estimated consolidated net loss of $478 million, or $.96 per share, for the second quarter of 1992. Results were reduced by previously announced after-tax charges totaling $805 million. These charges primarily represent anticipated losses on asset dispositions and the costs of restructuring and workforce reductions. SPECIAL PACKAGE ON WASTE: STANDARDS ARE NEXT STEP: In addition to giving the Department of Energy control of the Waste Isolation Pilot Plant in southern New Mexico, a House bill passed Tuesday would allow radioactive waste to be moved into the plant as soon as federal standards for the disposal of nuclear trash are drafted. The Environmental Protection Agency would have to draft standards within six months of the bill's enactment. ORIGINAL STANDARDS THROWN OUT: The EPA's original standards were thrown out by the courts four years ago and still have not been rewritten. Tuesday's vote was a major breakthrough after years of congressional and environmental gridlock over the future of the nation's first underground repository for plutonium-contaminated defense waste. The site is southeast of Carlsbad, N.M., near the Texas border. WAST CAN'T BE TESTED AT SITE: The House defeated a proposal to keep all waste out of the site until the federal government can certify that WIPP fully complies with environmental standards for the burial of nuclear waste. It would keep waste from being tested at WIPP. Rep. Bill Richardson, D-N.M., who introduced the proposal, charged some members with sticking the state with an unsafe dump due to political pressure. (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