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 Fri, Jul 24 1992 Date: Fri, 24 Jul 92 04:47:16 EDT Message-ID: 07-24 0000 DECISIONLINE: Energy USA TODAY Update July 24-26, 1992 Source: USA TODAY:Gannett National Information Network STANDOFF BOOSTS CRUDE PRICES: The standoff between Iraq and the United Nations over a search of the Iraqi Agriculture Ministry by weapons inspectors provided a boost to energy futures on the New York Mercantile Exchange. White House spokesman Marlin Fitzwater reiterated Thursday that military options are being considered to end the stalemate. September light sweet crude oil was 12 cents higher at $21.96 a barrel. REFINED PRODUCTS HIGHER: Refined petroleum products ended the day higher on the New York Mercantile Exchange Thursday. Heating oil for August delivery settled .76 cent higher at 61.69 cents a gallon. Unleaded gasoline for August ended the day up .60 at 61.32 cents a gallon. Natural gas for delivery in August finished .014 cent higher at $1.796 per 1,000 cubic feet. SENATORS WIN PERMIT CONTROL: Senate leaders Thursday gave in to demands of Nevada Sens. Harry Reid and Richard Bryan for assurances that a proposed energy bill would let Nevada keep its rights to issue environmental permits for the study of storing nuclear waste in Yucca Mountain. The two Democrats had threatened stalling tactics. Environmentalists were quick to label the assurance a major victory. (For more, see special Nevada package below.) MOCK FORMS SUBSIDIARY: Mock Resources Inc. Thursday announced the formation of a wholly owned subsidiary, Cal Western Pipeline Inc., to provide natural gas and alternative natural gas delivery options for customers. Mock is an independent marketer and distributor of refined petroleum products and natural gas. Early efforts by Cal Western will concentrate on the Mojave and Kern River pipeline systems. CSW ENERGY TO JOIN PARTNERSHIP: Central and South West Corporation announced Thursday that its CSW Energy Inc. unit will participate in a limited partnership to build a cogeneration facility near Brush, Colo. CSW Energy, ARK Energy Inc. and CTI Partners II have formed Brush Cogeneration Partners to develop, build, own and operate the plant. The plant will generate electricity for Public Service Company of Colorado. DETROIT ED TALKS STALLED: Negotiators for Detroit Edison have informed Local 223 of the Utility Workers Union of America that if a new agreement is not ratified by Aug. 2, the company intends to implement portions of its final offer. Bargaining began in mid-April. Malcolm Dade of the company's bargaining committee said the final offer was "fair and equitable." Federal mediators will meet both parties Wednesday. WESTINGHOUSE TO SUPPLY BOILERS: Westinghouse Electric Corp. announced Thursday that it has signed a contract with the Southern Nuclear Operating Co. to supply steam boilers worth up to $100 million. Westinghouse will supply six replacement boilers for both of the Alabama Power Co.'s Farley nuclear power plant units. The generators will be delivered toward the end of the decade or early next decade, Westinghouse said. BERRY TO OFFER STOCK BUYBACK: Berry Petroleum Co. Thursday announced that its board of directors approved the buyback of up to $5 million of the company's Class A common stock. The buyback, to begin immediately, is in open market or in privately negotiated transactions. Berry believes its stock is undervalued based on its financial position, oil and gas reserves and annual dividend of 60 cents per share. EXXON REPORTS QUARTER DROP: Exxon Corp. Thursday said lower profits from refining and marketing operations caused a 15% drop in second-quarter earnings. The world's largest oil company said net income fell to $955 million or 76 cents a share from $1.13 billion or 90 cents in the same quarter last year. Second-quarter results included a $75 million restructuring charge for domestic oil and gas operations. MOBIL SELLS TEXAS TERMINAL: Mobil Corp. announced Thursday that its pipeline unit has sold its terminal in Corpus Christi, Texas, to Citgo Petroleum Corp. for $15.58 million. Mobil said the sale closed in May. Mobil had operated the terminal since 1939. SPECIAL PACKAGE ON NEVADA: NEVADA KEEPS AUTHORITY: Nevada Democratic Sens. Harry Reid and Richard Bryan won their fight Thursday over an energy bill. They cajoled J. Bennett Johnston, D-La., to promise publicly that he would commit himself to making sure the Yucca Mountain language was not part of a final bill put before Congress. The promise means Nevada still will be able to issue permits for the study of nuclear-waste storage. SENATORS WERE READY TO STALL: Bryan and Reid had threatened to use every parliamentary tactic to prolong debate on the bill and tie up Senate business for days. The Energy Department must obtain permits from Nevada for its geological studies of whether Yucca Mountain, 100 miles northwest of Las Vegas, can safely store the nation's high-level radioactive waste for 2,000 years. PERMIT TALK PART OF MAJOR BILL: The language seeking to strip Nevada of its permit authority is part of a House version of a wide-ranging bill that would affect virtually every sector of the energy industry. The bill includes provisions on offshore oil drilling, nuclear energy, gas pipelines and electric utilities. Johnston, chairman of the Senate Energy and Natural Resources Committee, has pushed for final bill approval. (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