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 30 1992 Date: Wed, 30 Sep 92 04:52:36 EDT Message-ID: 09-30 0000 DECISIONLINE: Energy USA TODAY Update Sept. 30, 1992 Source: USA TODAY:Gannett National Information Network GASOLINE, OIL LOWER: Gasoline futures sank Tuesday on moderate volume as a handful of traders sold October contracts before Wednesday's expiration, brokers said. The November light sweet crude finished off 9 cents a barrel, settling at $21.67 while December light sweet crude closed 6 cents lower at $21.66. REFINED PRODUCTS FINISH DOWN: October unleaded gasoline contract settled down 1.18 cents a gallon at 57.70 cents a gallon, while the Gulf Coast unleaded contract finished 0.30 cents lower at 56.25 cents on the New York Mercantile Exchange Tuesday The spot October heating oil contract fell 0.26 cents a gallon to 62.94 cents. The November contract dropped 0.29 cents to finish at 63.55 cents. PRICE OF GAS DROPS: The average price of self-serve regular unleaded gasoline fell in all regions of the country and this week averages $1.157, the American Automobile Association reported Tuesday. AAA's Fuel Gauge Report shows the average priced dropped .6 cent from the previous week. The average price increased the last two weeks. PRESIDENT GETS ENERGY BOOST: The Deputy Secretary of Energy Tuesday defended President Bush's commitment to increasing energy and conservation, saying that his record supports his concerns. Linda G. Stuntz spoke at the Third Annual Energy Conservation Forum in Washington. Stuntz said the president's energy strategy is balanced and include incentives for increasing domestic energy production. BATTERY AGREEMENT EXPANDED: Energy Conversion Devices Inc., its subsidiary Ovonic Battery Company Inc. and Sylva Industries Ltd. Tuesday announced an expansion of their battery license agreement to include large Ovonic hydride batteries. Sylva has paid $1 million to Energy Conversion and will pay another $500,000 for an option to get a royalty-bearing license for Ovonic hydride battery technology. INSTITUTE WARNS OF GAS HIKES: The Northeast-Midwest Institute Tuesday said cuts in natural gas production by Oklahoma and Texas will drive up Iowa gas bills $146 million, or about $82 per household during the cold weather. And that's in addition to the recent price surge caused when Hurricane Andrew knocked out some production facilities in the Gulf of Mexico, according to the institute. TRADE CONTINUES TO BE WEAK: Brokers in London said Tuesday that oil futures prices fell in lackluster trade slowed by the Rosh Hashanah holiday in the USA as well as the release Tuesday night of weekly inventory statistics from the American Petroleum Institute. The API releases figures after the market closes. One london broker said the market needed a cold snap or `Middle East rumors." MOBIL REFUTES STATEMENTS: Mobil Oil Corp. Tuesday said recent statements by the Service Station Dealers of America were irresponsible. The statements were in relation to Mobil's opposition to a Senate bill. Mobil said the bill is special interest legislation "at the expense of the public." The group said Mobil cut its dealer-operated stations by 43%. Mobil said the number of stations increased. MOBIL OPPOSES PART OF BILL: The Senate bill Mobil says it opposes part of would let states and municipalities undercut the federal law providing a basis for a uniform franchise for service stations. Mobil denied statements by the Service Station Dealers of America that Mobil opposes all of the bill. Mobil says the portion it opposes would discourage investment in new service stations or existing station upgrades. WORLD BANK LOAN APPROVED: The World Bank's private sector division approved a $10 million loan to Tripetrol Exploration and Production Co. of Ecuador for the development of an oil field, Bloomberg Business News said Tuesday. The International Finance Corp. loan will help finance a $32 million project to develop the onshore Pacoa oil field, the company's first oil exploration project, the IFC said. FLORIDA POWER GETS HIKE: Florida's Public Service Commission has approved a rate increase for Florida Power Corp. The hike will increase the average residential customer's bill $4.23 per month. The utility already got an interim $31 million increase in March that added $1.55 per kilowatt hours to bills. Public Counsel Jack Shreve says he will try to overturn the decision. NATIVES WANT GENERATORS OUT: Native leaders in Alaska have asked the Air Force to remove 10 nuclear-powered generators from the Burnt Mountain area. The generators were uncovered by a 34,000-acre wildfire that swept the area. Native leaders fear migrating caribou will be contaminated by radiation. The Air Force says the generators are safe. CAROLINA FIRM MAY FACE FINE: Whether a fine will be levied over a leak of radiation at Carolina Power & Light Co.'s Brunswick nuclear plant has yet to be determined, a federal regulator said Tuesday. The radiation was released Sept. 22 when a contract worker cut a metal tube that contained radioactive material. PARK WON'T BE LEASED FOR GAS: Shoshone National Forest officials Tuesday withdrew a decision to allow oil and gas leasing near Brooks Lake and Lava Mountain in Cody, Wyo. Instead, the area will be included in a forest-wide leasing study, officials said. 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