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 Tue, Sep 29 1992 Date: Tue, 29 Sep 92 04:35:07 EDT Message-ID: 09-29 0000 DECISIONLINE: Energy USA TODAY Update Sept. 29, 1992 Source: USA TODAY:Gannett National Information Network NATURAL GAS FUTURES DROP: Natural gas futures fell Monday on the New York Mercantile Exchange. The fall continues the downturn that started late last week after prices for the futures reached a record high of $2.79 per 1,000 feet. Natural gas for delivery in November fell Monday by 3.9 cents to settle at $2.435 per 1,000 feet. OIL UP IN SLOW TRADING: Oil futures ended modestly higher in thin trading on Monday. Trading was affected by the Jewish holiday Rosh Hashanah. Light sweet crude oil for delivery in November rose 8 cents to settle at $21.76 a barrel on the New York Mercantile Exchange. Heating oil for delivery in November rose .41 cent to 58.88 cents per gallon. Unleaded gasoline for October rose .41 cent to 63.20 per gallon. BUSH STILL UNCLEAR ON ETHANOL: President Bush is nearing a decision on the use of ethanol as an alternative fuel, U.S. Secretary of Agriculture Edward Madigan said Monday. It's still unclear what that decision will be or whether it will come before the Nov. 3 election. Farmers want a waiver from the federal Clean Air Act that will allow ethanol to be used in fuel mixtures in nine major cities, including Chicago. INGERSOLL MERGER IS ALLOWED: The Justice Department said Monday that it won't oppose a merger of the pump operations of Ingersoll-Rand Co. and Dresser industries Inc. The companies first agreed to sell five product lines to a competitor. The move will ensure competition in the petroleum processing and electrical power generation pump market, according to an assistant attorney general, John W. Clark. DRESSER TO SELL MOST LINES: The sale of five product lines to ensure competition has freed Ingersoll-Rand and Dresser Industries to proceed with a planned merger of pump operations, the Justice Department said Monday. Dresser will sell four lines of pumps to Goulds and Ingersoll-Rand will sell one pump line, the Justice Depratment said. Details of the sale and of the merger were not available. ENERGY OFFICIAL CONFIRMED: The Senate has confirmed the nomination of Hugo Pomrehn as under secretary of energy, it was announced Monday. Pomrehn's primary responsibilities will be for nuclear weapons, waste, energy and environmental cleanup at the Department of Energy. His nomination was approved 19-1 in August by the Senate Energy and Natural Resources Committee. TRACER CHANGES ITS AUDITORS: Tracer Petroleum Monday announced it has appointed chartered accountants Ernst & Young as auditors until its next annual shareholder meeting. Tracer said the firm's experience would benefit Tracer as it expands its presence in the international petroleum exploration and production business. Tracer said Smith, Flynn, Staley has resigned as auditors. WELL-SITE SYSTEM INTRODUCED: Litton's Houston-based Western Atlas oil-field services subsidiary has introduced an advanced well-site system that speeds up dealing with petrophysical data for boreholes and wells. The ECLIPS surface acquisition system improves the quality, quantity and speed of acquiring, processing and evaluating the data, according to Atlas Wireline Services. SURFACE SYSTEM `MOST POWERFUL': Litton's Western Atlas oilfield subsidiary's new surface acquisition system "is the most powerful and versatile wireline well logging system in commercial use," according to Damir Skerl of Atlas Wireline Services. Wireline well logging is a common technique for getting precise information about the petrophysical properties of the rock strata through which wells are drilled. BALTIMORE MAY GET RATE HIKE: The Baltimore Gas & Electric Co. says it has asked the Public Service Commission to increase its gas and electric rates by $169.4 million per year. The increase would add $8.12 a month to the average customer's bill. To blame, says BG&E: Lower revenues and higher expenses. The PSC says it might take up to six months for investigations and hearings to act on the request. CUSTOMERS COULD FACE HIKES: East Ohio Gas said Monday that customers should anticipate price increases after a recent nationwide surge in the cost of natural gas. The prediction comes after a 23% price decline in natural gas prices over the past three years. But since late August, natural gas prices have increased 79 cents per 1,000 cubic feet to their highest level since 1990. PRUDENTIAL TO BACK HADSON: Hadson Corp.'s largest secured debtholder, Prudential Co. of America, will vote in favor of the company's reorganization plan, according to Securities and Exchange Commission documents. Bloomberg Business News said Monday that the Oklahoma City energy company recently amended its bankruptcy plan after facing opposition from a number of its securityholders. 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