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 Wed, Sep 16 1992 Date: Wed, 16 Sep 92 04:36:01 EDT Message-ID: 09-16 0000 DECISIONLINE: Energy USA TODAY Update Sept. 16, 1992 Source: USA TODAY:Gannett National Information Network PRICE OF GAS GOES UP: The nationwide average price of self-serve regular unleaded gasoline increased .9 cent per gallon this week to $1.161, the American Automobile Association reported Tuesday. AAA's Fuel Gauge Report shows prices are higher in the Mid-Atlantic, Great Lakes, Midwest and Southeast but lower in other regions. The Fuel Gauge Report is based on a nationwide spot check of gasoline stations. OIL FUTURES FALL: Oil futures retreated on the New York Mercantile Exchange Tuesday when several OPEC ministers preparing for a meeting in Geneva expressed satisfaction with the current oil price level. Light sweet crude oil for October delivery fell 13 cents to $22.18 a barrel. Wednesday's meeting is being held to discuss pricing levels. SUPPLY FEARS BOOST GAS: Natural gas futures surged Tuesday on the New York Mercantile Exchange on worries about tight supplies this winter due to hurricane damage to natural gas facilities in the Gulf Coast. October heating oil fell .45 cent to 63.09 cents a gallon; October unleaded gasoline dropped .10 cent to 60.83 cents a gallon; October natural gas rose 6.0 cents to $2.244 per 1,000 cubic feet. RUMORS SEND OIL DOWN: Conflicting statements and rumors surrounding Wednesday's meeting of the Organization of Petroleum Exporting Countries drove oil products futures down on the International Petroleum Exchange Tuesday. October gasoil futures on the IPE closed 75 cents a metric ton lower at $192.50, having being traded between $192 and $195 a metric ton. PACIFIC GAS SETS MORTGAGE BONDS: Pacific Gas & Electric Co. Tuesday priced $250 million of first and refunding mortgage bonds with a coupon rate of 8%. The Series 92C bonds, which are due Oct. 1, 2025, will be sold at 97.716% of par, yielding 8.16% to the public. The annual cost to the company is 8.20%. The bonds are not redeemable at the option of the company prior to Dec. 1, 1997. SAGASCO CHASING MAGELLAN: Magellan Petroleum Corp. Tuesday said a Securities and Exchange Commission filing by Sagasco Holdings Ltd. states that Sagasco made an acquisition to influence Magellan to sell its 51% interest in Magellan Petroleum Australia Limited to Sagasco. The 13D filing also said that Sagasco would look to alternatives if Magellan won't sell. Sagasco recently acquired 13.6% of Magellan. CHASE TO ADVISE QATAR UTILITY: Chase Investment Manhattan Bank Ltd. said Tuesday that it will advise Qatar Electricity and Water Co. on buying power and water stations from the country's ministry of electricity and water. Chase will work in connection with KPMG Peat Marwick and Ewbank Preece Ltd. The U.S. investment bank said it will act as financial adviser to the utility. WALKER POWER CREATES UNITS: Walker Power Inc. Tuesday said it created two operating units and a holding company. The operating units are called WPI Power Systems and WPI Electronics. The holding company: WPI Group. The operating units are autonomous and are responsible for sales, manufacturing, engineering and marketing. The holding company will cover strategic direction and other corporate functions. REFUELING STATION TO OPEN: The U.S. Postal Service plans to open its first Northeastern natural-gas refueling station at its facility in New Dorp, Staten Island, it was announced Tuesday. A fleet there of 50 delivery vehicles have been converted to run on natural gas as part of a plan for cleaner air in New York City. The project is part of the need prompted by the federal Clean Air Act. ELECTRICITY CONTRACT APPROVED: Metropolitan Water District's board of directors Tuesday approved a contract for Pacific Gas & Electric to purchase electricity generated at the district's Etiwanda Power Recovery Plant, currently under construction in Rancho Cucamonga. The contract awards PG&E purchasing rights to all output from the plant for 20 years beginning with the operation in early 1994. UTILITY CHIDED FOR HIKE REQUEST: Niagara Mohawk Power Corp. is seeking a 3.4% increase in electric rates and a 1.8% increase in gas rates for a year, beginning Jan. 1. The head of New York's state consumer board has told the utility it needs to do a better job at keeping its rates down. DUMPING TREATY FACES THREAT: A treaty to ban waste dumping in the Atlantic Ocean could be threatened by the refusal of England and France to agree to quit dumping radioactive waste, the Department of the Environment said Tuesday. Ministers from 12 north European states including England and France will meet Sept. 21 in Paris to sign a convention covering marine pollution. 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