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 23 1992 Date: Wed, 23 Sep 92 04:36:28 EDT Message-ID: 09-23 0000 DECISIONLINE: Energy USA TODAY Update Sept. 23, 1992 Source: USA TODAY:Gannett National Information Network NATURAL GAS PRICES SOAR: Natural gas futures prices soared to their highest level in 22 months Tuesday on the New York Mercantile Exchange, reflecting a tight near-term supply situation linked to Hurricane Andrew. Natural gas for October delivery leaped 19.4 cents to $2.646 per 1,000 cubic feet. The contract traded as high as $2.65, matching the Nov. 26, 1990 high. OIL FUTURES RISE: Oil futures rose Tuesday on the New York Mercantile Exchange. The contract for October delivery of light sweet crude oil closed at $21.88 a barrel, down 4 cents. November futures were up 3 cents to $21.78; October heating oil rose 0.46 cent to 62.63 cents a gallon. October unleaded gasoline climbed 0.11 cent to 58.42 cents a gallon. PRICE OF GAS INCHES UP: The nationwide average price of self-serve regular unleaded gas rose 0.2 cents a gallon this week to $1.163, the American Automobile Association said Tuesday. AAA said a nationwide spot check of gasoline stations showed prices were highest in the New England, Mid-Atlantic, Midwest, Southwest and West. PENNZOIL SHOULD MAKE SWAP: Analysts said Tuesday that Pennzoil Co. should swap its 9.7% stake in Chevron Corp. for domestic oil and gas properties, USA TODAY reports. It makes financial sense for both companies, analysts said. The rumored swap has sent Pennzoil shares up 22% since July. One analyst said the shares could increase to 75 from 53 if the swap takes place. TANK FARM BLAST KILLS ONE: An early Tuesday morning explosion at a Chevron U.S.A. Inc. petroleum tank farm near Sherman, Texas, killed one teen and left two others critically injured. Police said four youths apparently having a beer party decided to climb on top of one of the tanks. One of them then lifted the lid and struck a match or a cigarette lighter, apparently to see better, and caused the explosion. MOBIL ORDERS ALERTING SYSTEM: Mobil Oil Corp. has ordered an on-site alerting system from Sage Alerting Systems Inc., Sage said Tuesday. The system is to be installed in Mobil's Beaumont, Texas, refinery. The system will provide emergency communications facilities and notification information to people on the plant's premises. NAPCO BUYS PROPANE OPERATIONS: MAPCO Gas Products Tuesday announced the purchase of nine retail propane operations from ENMARC Corporation. The operations, located in Wisconsin, add eight million gallons to MAPCO Gas Products annual retail propane sales volume. ENMARC Distribution, Transportation and Terminal at Janesville, Wis., are included in the transaction. GREAT LAKES CEO IS NAMED: TransCanada PipeLines Tuesday announced the appointment of Derek E. Henwood as president and chief executive officer of Great Lakes Gas Transmission Co. effective Oct. 1. Henwood is a senior vice president of TransCanada, responsible for power generation, associated pipelines and projects. OFFICIALS PROBE UNTAXED FUEL: North Carolina officials say they are trying to halt the flow of untaxed gasoline and diesel fuel that could be costing the state $1 million a week. The problem was discovered two years ago when officials noticed that tax-paid sales of fuel began declining. PALO VERDE WORKERS AFRAID: A limited survey of 320 workers at the Palo Verde nuclear plant in Wintersburg, Ariz., has found that some workers fear reprisal if they voice safety concerns, a Nuclear Regulatory Commission says. The Labor Department recently found that 2 workers faced reprisals. The plant's operator, Arizona Public Service Co., has been asked to alleviate workers' fears. POWER RESTORED IN FAIRBANKS: Utility workers in the Fairbanks, Alaska, area, have restored the last of the electrical power lost last week when a freak storm dumped 17 inches of wet snow, dropping trees on power lines. Golden Valley Electric Association workers have begun calling homeowners to verify that power is on. BATTERY FIRM TO ADD RECYCLING: GNB Inc., a battery manufacturing and recycling firm that moved its headquarters to Atlanta in June, has announced plans for a $40 million recycling center in Waynesboro, Ga., south of Augusta. The plant will provide 130 new jobs. The company previously was based in Mendota Heights, Minn. 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