Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy,americast.usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Thu, Sep 10 1992 Date: Thu, 10 Sep 92 05:44:18 EDT Message-ID: 09-10 0000 DECISIONLINE: Energy USA TODAY Update Sept. 10, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL JUMPS SLIGHTLY: Energy futures were mixed on the New York Mercantile Exchange Wednesday. Light, sweet crude oil for October delivery was up 3 cents at $21.99 a barrel. Traders projected a report issued Wednesday night - a day later than usual because of the Labor Day holiday Monday - would show that local inventories of gasoline and oil are lower. REFINED PRODUCTS FINISH MIXED: Refined petroleum products finished mixed on the New York Mercantile Exchange Wednesday. Heating oil for October delivery was .04 cent lower at 61.73 cents a gallon. Unleaded gasoline for delivery in October was .48 cent lower at 60.56 cents a gallon. Natural gas was 3.6 cents higher at $2.080 per 1,000 cubic feet. PRICE OF GAS DROPS: The nationwide average price of self-serve regular unleaded gasoline dropped .5 cent this week to $1.152 per gallon, the American Automobile Association reported Wednesday. AAA's Fuel Gauge Report shows the national average price is at its lowest level since June 2, when self-serve regular unleaded cost $1.146 per gallon. CHEVRON LAWSUIT TO PROCEED: Chevron Corp. said Wednesday it will proceed with its antitrust lawsuit against Pennzoil Co. An appeals court overturned a lower court decision and said Chevron could go ahead with a suit alleging Pennzoil is seeking a controlling interest in the oil company by buying almost 10% of Chevron stock. COURT SAYS QUESTIONS REMAIN: In overturning a lower court decision Wednesday, the appeals court said "genuine issues of material fact remained" whether Pennzoil wanted to gain control of Chevron's board by buying 32.9 million shares of Chevron stock between 1989 and 1991. GAS MIX MAKES POLLUTION WORSE: The Environmental Protection Agency has said that mixing ethanol into gasoline without reducing its tendency to evaporate increases one type of air pollution 16% to 17%. A recent letter to the Renewable Fuels Association said an ethanol blend of 10% by volume would increase hydrocarbon emissions. The increase in pollution is greater than the decrease of emissions. LETTER IS A BLOW TO LOBBY: A recent letter from the Environmental Protection Agency dealt a blow to the lobby seeking a volatility waiver that ethanol receives in some areas. Corn growers wanted the waiver to apply to a major clean-gasoline effort, known as the reformulated gasoline program, scheduled to start in 1995. The waiver allowed an extra pound per square inch vapor pressure in ethanol blends. GROUP CRITICIZES UTILITY: The Michigan Municipal Cooperative Group Wednesday criticized attempts by Consumers Power Company to settle issues involving its Midland Cogeneration Venture plant. The group said Consumers' settlement proposal assumed CPC was entitled to special rates as a qualifying cogeneration facility. MMCG has challenged that assumption and expects a court ruling in a year. GASOIL FEARS SUBSIDE: International oil futures stabilized Wednesday after fears Tuesday of a shutoff of Russian gasoil exports. Tuesday, gasoil futures gained as much as $4 a ton, or 1.25 cents a gallon, before falling back slightly. Causing the rise: a report from Reuters that Russian gasoil exports will be curtailed for the internal harvest and pre-winter stock building. COMSTOCK COMPLETES ACQUISITION: Comstock Resources Inc. Wednesday announced it has closed its acquisition of producing oil and gas properties from Liberty Life Insurance Company of Greenville, S.C. The properties consist of 120 wells, primarily in Oklahoma and Arkansas. Comstock paid $3.5 million cash and exchanged 10% of its interest in certain oil and gas leases covering undeveloped acreage. GAS RESULTS HURT BY CASE WOES: Positive results from Tenneco Inc.'s natural gas pipeline and other divisions are being offset by continued weak sales in its J.I. Case farm equipment division. Chairman Mike Walsh has asked individual divisions to earn at least 15% to 20% more in 1993 to cover an expected $60 million to $80 million in third-quarter losses by Case. UTILITY MAY SELL MORTGAGE BONDS: Central Power and Light Company Wednesday filed with the Securities and Exchange Commission to sell as much as $800 million first mortgage bonds. The electric utility is a subsidiary of Central and South West Corp. The utility may issue the bonds periodically and on terms to be released at the time of sale, according to the S-3 filing. Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes 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