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 Wed, Aug 19 1992 Date: Wed, 19 Aug 92 04:20:00 EDT Message-ID: 08-19 0000 DECISIONLINE: Energy USA TODAY Update Aug. 19, 1992 Source: USA TODAY:Gannett National Information Network CRUDE CLOSES SLIGHTLY UP: Oil prices were mixed Tuesday as traders kept an eye on the Middle East. Light sweet crude oil for delivery in September settled at $21.47 a barrel, up 2 cents, at the New York Mercantile Exchange. In recent sessions, the market has been closely following reports the United States is ready to use military force against Iraq so United Nations teams can inspect military sites. PETROLEUM PRODUCTS MIXED: Unleaded gasoline for delivery in September settled at 62.11 cents a gallon, up 0.53 cent Tuesday on the New York Mercantile Exchange. Home heating oil for delivery in September settled at 58.81 cents a gallon, down 0.54 cent. Natural gas prices advanced, with contracts for delivery in September settling at $1.847 per 1,000 cubic feet, up 8.5 cents. CHEVRON REJECTS TANKER PLAN: Chevron Corp. Tuesday rejected plans from the California Coastal Commission to allow tankers to deliver crude oil to Los Angeles-area refineries, company officials said Tuesday. Chevron spokesman G. Michael Marcy called the permit "so onerous that it isn't usable to Chevron." One condition called for Chevron to construct a pipeline for three years or lose its rights. PERMIT CALLED `ONEROUS': Chevron Tuesday rejected plans allowing tankers to deliver crude oil to Los Angeles-area refineries. Texaco Inc., Philips Petroleum and Pennzoil all received permission to ship the crude. The plan was for three years. The Santa Barbara County Board of Supervisors approved the plan Monday, voting 4-to-1 to grant the company a tanker permit to operate double-hulled tankers in coastal waters. HARRIS GETS UTILITY CONTRACTS: Harris Corp. said Tuesday it has been awarded contracts totaling $14.9 million to provide advanced energy-management systems to two utility companies. Harris won contracts worth $8.2 million from Ohio Edison Co. and $6.7 million from Southern California Edison. Harris Corp. produces electronic and communications systems, semiconductors and office equipment. PRICE OF GAS RISES: The national average price of self-serve regular unleaded gasoline is up a half-cent per gallon this week, the American Automobile Association reported Tuesday. AAA's Fuel Gauge Report shows the nationwide average price of regular unleaded is $1.159 per gallon. Gasoline prices increased in the Mid-Atlantic, Midwest and West, but were lower in other regions. OHIO ED SETS UP COAL RECYCLING: Ohio Edison Company announced a program Tuesday to recycle coal-slag waste from one of its generating plants into a marketable custom abrasive used for sandblasting. The company signed a long-term contract with Reed Minerals of Highland, Ind. Reed has invested more than $1 million in a state-of-the-art processing facility at Ohio Edison's Niles Plant near Warren, Ohio. TEST WELL INDICATIONS POSITIVE: OESI Power Corp. announced Tuesday that initial indications from the flow test of the Puna Geothermal Venture KS-8 well, which began Aug. 12, are positive. The purpose of the flow test is to gather data on the temperature, pressure, chemistry and flow rate of the geothermal resource. OESI acquires, develops, operates and sells interests in geothermal power plants in the western USA. OXFORD TO FILE CHAPTER 11: Oxford Energy Co. Tuesday announced plans to file for Chapter 11 bankruptcy protection. The resource recovery concern also reported that its second-quarter loss fell to $601,000, or 6 cents a share, from $8 million, or 82 cents a share, a year earlier. CMS withdrew its proposal to acquire Oxford Energy's assets Aug. 7. CMS Generation is Oxford's largest single shareholder. ALLEGHENY WANTS RATE INCREASE: Allegheny Power System Inc. Tuesday reported that subsidiary West Penn Power Co. has filed for a rate increase with the Pennsylvania Public Utility Commission. The increases would produce about $92.8 million in additional annual revenues. Included in the proposed increase is about $38.4 million of carrying charges on expenditures to comply with the Clean Air Act Amendments of 1990. POWER COMPANY AWARDS BONDS: New England Power Company, a subsidiary of New England Electric System, awarded a $170 million issue of General and Refunding Mortgage Bonds Tuesday to Goldman, Sachs & Co. The bonds are Series U, 8%, due 2022, at a price of 98.761. The cost for the bonds is 8.11%. Proceeds will be used to redeem outstanding bonds and to reimburse the treasury for prior bond redemptions. CODED COMM. BEGINS NETWORK: Coded Communications Corp. says it has begun the first stage of installation of a mobile data system for Piedmont Natural Gas Co. The system is built around Coded's new mobile data terminal, the DXT-IQ, as well as several other Coded products, including Base Station and Network Controllers. The contract for the first stage is valued at $540,000. ANPC REPORTS INCOME: American National Petroleum Company reported Tuesday a net income of $206,000, or three cents per share, for the three months ended June 30. Revenues from oil and gas sales decreased 20% from $3.4 million during the second quarter of 1991, to $2.7 million for the second quarter of 1992. 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