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, Aug 14 1992 Date: Fri, 14 Aug 92 04:30:56 EDT Message-ID: 08-14 0000 DECISIONLINE: Energy USA TODAY Update Aug. 14-16, 1992 Source: USA TODAY:Gannett National Information Network INVESTORS SEND OIL UP: Oil prices rose Thursday, with buying led by investors who had bet prices would fall. Light sweet crude oil for delivery in September rose 26 cents to settle at $21.34 a barrel on the Mercantile Exchange. Crude, which was below $21 Tuesday, has recovered mostly on short selling, when borrowed oil is sold in hopes of buying at a lower price. PETROLEUM PRODUCTS MIXED: Unleaded gasoline for delivery in September settled at 61.10 cents a gallon Thursday, up 0.47 cent on the New York Mercantile Exchange. Home heating oil for delivery in September settled at 58.73 cents a gallon, up 0.86 cent. Natural gas prices were lower, with contracts for delivery in September settling at $1.853 per 1,000 cubic feet, down 5.8 cents. NRDC WINS TEXACO POLLUTION SUIT: The Natural Resources Defense Council and Delaware Audubon Society Thursday won a ruling from a federal court against Texaco Refining and Marketing Inc. for continuous pollution of the Delaware River. The judge found that TRMI had committed hundreds of violations under the Clean Water Act. Texaco must pay a $1.68 million penalty and comply with water pollution laws. THREE GROUPS SUE EPA OVER RULES: Three major environmental groups sued the Environmental Protection Agency this week over ground rules it proposed for a new procedure in granting air pollution permits. The groups claimed the rules would give citizens no notice or right to challenge increases in pollution of up to 245 tons a year, which factories could emit due to changes in production levels. TOUGHER EPA RULES CHANGED: Tougher air-pollution rules proposed by the Environmental Protection Agency were changed by President Bush and his aides, including the Council on Competitiveness headed by Vice President Dan Quayle. The rules fail to abide by the 1990 Clean Air Act, according to the lawsuit filed this week by Environmental Defense Fund, the Natural Resources Defense Council and the Sierra Club. TRITON CEO, PRESIDENT QUIT: Controversial figure William Lee stepped down as chief executive officer of Triton Energy Corp.Thursday, weeks after the company settled a lawsuit filed by a former executive. Triton President David Gore also said he would retire immediately. Thomas Finck will replace Gore as president and chief operating officer; he'll also assume Lee's responsibilities Jan. 1. EPA IMPLEMENTS OIL RECYCLING: The Environmental Protection Agency has implemented rules requiring businesses handling used oil to recycle what they don't need. It also banned the practice of spraying oil on dirt roads to contain dust. The standards "will make it easier to provide and maintain local collection centers while safeguarding human health and the environment," says EPA Administrator William Reilly. SKELTON PLEASED WITH RULES: The oil recycling rules implemented this week by the Environmental Protection Agency represent a victory for Rep. Ike Skelton, D-Mo. Skelton lobbied for such moves for several years and has introduced legislation since 1988. The only feature of his bill the EPA did not adopt was a provision for a public information campaign to encourage individuals to recycle. AMERICAN TO ADD FUEL SURCHARGE: American Airlines Cargo Division announced Thursday the rapidly rising cost of jet fuel is responsible for a 4.4% fuel surcharge, effective Sept. 1, on its domestic airport-to-airport and priority parcel service cargo rates. The surcharge will apply to cargo shipments between points in the USA, Puerto Rico and the U.S. Virgin Islands but not international shipments. LL&E SELLS PROPERTIES TO SONAT: The Louisiana Land and Exploration Co. Thursday announced it has completed the sale of its Oklahoma oil and gas properties to an affiliate of Sonat Exploration Co. for a total purchase price, including adjustment, of $50.2 million in cash. LL&E said proceeds would be used for general corporate purposes, including the acquisition of oil and gas properties. AMOCO CONDUCTS ETHANOL TEST: Amoco Oil Company's Yorktown, Va., refinery is conducting the first commercial production test of ethyl tertiary butyl ether, an oxygenate made from corn-produced ethanol. The refinery is testing its ability to use ethanol in a processing unit that normally uses methanol to produce another oxygenate, methyl tertiary butyl ether. Amoco will produce 400-500 barrels of ETBE per day during the test. HANSON SURVIVES EARNINGS DROP: Shares of Hanson Plc shrugged off a 28% drop in third-quarter earnings. Investors were encouraged by the conglomerate's decision not to rescue Olympia & York Developments Ltd.'s Canary Wharf project, analysts said. Bloomberg Business News reported that Canary Wharf "couldn't enhance shareholder value in the long term," said Richard Jagger, conglomerates analyst. 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