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 Tue, Aug 11 1992 Date: Tue, 11 Aug 92 04:32:26 EDT Message-ID: 08-11 0000 DECISIONLINE: Energy USA TODAY Update Aug. 11, 1992 Source: USA TODAY:Gannett National Information Network OIL PRICES FALL: Oil prices fell Monday as refineries again reduced use of crude oil, boosting fears of a glut in supply. Light sweet crude oil for delivery in September dropped 19 cents to settle at $21.03 on the New York Mercantile Exchange. A report that OPEC increased output in July hurt prices further. Trading volume started heavy but thinned by afternoon. GAS PRICES RISE: Natural gas prices Monday rose as a heat wave on the West Coast increased electric demand. Contracts for delivery in September settled at $1.924 per 1,000 cubic feet, up 3.5 cents. Unleaded gasoline for delivery in September settled at 59.79 cents a gallon, down .28 cent. Home heating oil for delivery in September settled at 58.22 cents a gallon, down .50 cent. KVAERNER A:S AWARDED CONTRACT: Kvaerner A:S, a Norwegian engineering company, Monday said the Federal Energy Regulatory Commission has awarded the construction contract for a power plant project at Mount Hope, N.Y. to a Kvaerner-led group. Kvaerner will receive about $257 million in orders connected with the plant. The company plans to assume a majority interest in the project. It currently has a 10% stake. PLANT TO SERVE NORTHEAST: A 2,000 megawatt power plant to be constructed in Mount Hope, N.Y., will meet peak load demand for electricity in the USA's northeastern coastal area. The facility will be the largest privately developed power project ever licensed by the Federal Energy Regulatory Commission. According to Kvaerner A:S, which got the contract, the cost of the project is estimated at $2 billion. RED EAGLE TO EXPLORE YEMEN: Red Eagle Resources Corp., an independent energy company located in Oklahoma City, Monday announced the signing of a final Production Sharing Agreement with the Republic of Yemen. The agreement is for oil and gas exploration and development in Block 13 in the Republic of Yemen. Red Eagle expects to commence exploration prior to the end of 1992. NEW NUCLEAR COMPANY FORMED: Ronald A. Brightsen, chief executive officer, and Russell George, president, Monday announced the formation of Clustron Sciences Corporation, headquartered in Vienna. The company intends to introduce commercial applications based on their own Nucleon Cluster Model, which provides a comprehensive explanation for cold fusion, believed to be a limitless power source. NEW MODEL OF NUCLEUS DEVELOPED: A new model of the atomic nucleus, which could revolutionize a wide range of energy and materials technologies, has been developed by Clustron Sciences Corporation. The new model is based on three different bound clusters of protons and neutrons rather than the traditional separate proton and neutron composition of the atomic nucleus. INVESTMENT HEAD STEPS DOWN: Goldman, Sachs & Co. said Thomas Berry, a partner and head of the investment banking group that follows electric utilities and telecommunications companies, will retire as general partner at the end of the year, according to Bloomberg Business News. In a July 29 memo, Robert Rubin and Stephen Friedman, the firm's co-chairmen, said Berry will become a limited partner at the end of the year. GAS PIPELINE PROPOSED: Endevco Inc. announced Monday it has signed a letter of intent with Texas Eastern Transmission Corporation, calling for TETCO to lease 250 million cubic feet per day of capacity in a 500 million cubic feet per day proposed natural gas pipeline to be constructed from Shaw to Kosciusko, Miss. The pipeline would connect with Arkla Energy Resources' planned Line AC extension near Shaw. AMOCO OPENS NEW STATION: Amoco Production Company has opened New Mexico's first retail compressed natural gas (CNG) refueling station and Amoco's first refueling station wholly dedicated to natural gas. The retail outlet is the first for Amoco Production. The Farmington station is situated in the heart of the San Juan Basin and will sell Amoco gas from nearby fields to individual motorists and large fleets. SAVER HOLDS CONFERENCE: The Society of Automotive Vehicle Emissions Reduction Inc. (SAVER), a coalition of testing equipment and component manufacturers, has arranged a press conference later this month on EPA-proposed automobile emission inspection and maintenance rule. SAVER says the rule will force small service stations and dealers to install expensive equipment or lose their inspection business. LOW PRICES RESULT IN LOSS: American Exploration Company Monday announced a net loss for the second quarter of $5.2 million, or eight cents per share, compared to a net loss of $6.5 million, or 12 cents per share, in the second quarter of 1991. Company officials attribute the loss to low prices. The net loss for the first six months of 1992 is about the same as for the same period in 1991. FOREST OIL REPORTS LOSS: Forest Oil Corp. of Denver Monday reported a second-quarter net loss of $5 million, or 37 cents per share, compared to a net loss of $4.5 million, or 46 cents per share, for the second quarter of 1991. The net loss for the first six months of 1992 was $9.5 million, or 72 cents per share, compared to a net loss of $28.9 million, or $2.53 per share, for the same six months of 1991. Energy Editor: Martin Baucom. (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. 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