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, Oct 6 1992 Date: Tue, 6 Oct 92 05:45:32 EDT Message-ID: 10-06 0000 DECISIONLINE: Energy USA TODAY Update Oct. 6, 1992 Source: USA TODAY:Gannett National Information Network HOUSE PASSES ENERGY BILL: The House Monday passed an energy bill that could promote energy efficiency, increase competition and speed up licensing for nuclear plants. The Senate proved more of an obstacle to passage, though, with Nevada senators opposing the bill because of provisions linked to a proposal to store nuclear waste there. The stalling tactics forced a two-day delay that could endanger the bill's passage. (For more, see special Bill package below.) CRUDE OIL DOWN: Crude oil prices were lower Monday on the New York Mercantile Exchange as commodity traders sold futures, fearing the sale of seized Iraqi oil will weaken prices this winter. Friday, the U.N. Security Council passed a resolution seizing approximately $1.3 billion of frozen Iraqi oil assets. Light sweet crude finished down 15 cents per barrel, settling at $21.77. REFINED PRODUCTS FINISH DOWN: Heating oil settled 0.32 cents per gallon lower at 63.53 cents Monday on the New York Mercantile Exchange. Unleaded gasoline settled down 0.22 cents a gallon at 58.28 cents. Natural gas traded at $2.390, down 11.5 cents. Causing the fall: a new U.N. Security Council resolution that allows seizure of Iraqi assets, including oil now stored in Saudi Arabia and Turkey. WESTMORELAND GROUP OPENS TALKS: Westmoreland Coal Co. and three other coal-mining concerns Monday opened contract talks with the United Mine Workers of America. The Independent Bituminous Coal Bargaining Alliance, recently formed, is composed of U.S. Steel Mining Co., Westmoreland Coal Co. and two other coal mining concerns. They broke off from a group that has negotiated labor contracts since 1950. SPECIALIST WARNS OF JOB LOSSES: Dr. Donald W. Walls, a specialist in utility economics, says overpriced electricity included in a contract between a proposed New York power plant and Consolidated Edison would cost thousands of jobs and millions of dollars of tax revenues. Walls has been retained by the New York Power Authority for hearings on a proposed link between the Sithe plant and New York's power grid. HARCOR TO BUY INTO GROUP: HarCor Energy Inc. Monday announced it has entered into a letter of intent to acquire up to 25.25% interest in a partnership formed to purchase a group of South Texas natural gas properties. The share is worth $3.34 million. HarCor also has an option to acquire an another 25.25% of the partnership for $3.76 million. ABRAXAS BUYS MOBIL STAKE: San Antonio-based Abraxas Petroleum Corp. said Monday its production unit has bought a 5.6% stake in a 183-well oilfield from Mobil Producing Texas & New Mexico for $337,000. The purchase includes proved producing reserves of 94,000 barrels of oil and 59 million cubic feet of natural gas. Texaco operates the field. Abraxas also closed a purchase of 175 wells from Pearson-Sibert. CHEVRON TO SELL MARKETING: Chevron International Oil Company is soliciting offers for the purchase of its marketing operations in Guatemala, El Salvador and Nicaragua, the company said Monday. These operations are composed of about 200 Chevron-branded stations selling gasolines, diesel and lubricants in the three countries. COMPANY TEAMS WITH TEACHERS: Puget Sound Power & Light Co. said Monday it will provide educational services in its nine-county service territory. Services include teacher workshops; an all-day science workshop Oct. 17; and a free quarterly teachers' newsletter with articles on energy, conservation, science and the environment. The utility has prepared an activity book for elementary students as well. SPECIAL PACKAGE ON BILL: SENATE HOLDS UP BILL: The energy bill passed Monday by the House was stalled by the Senate Monday due to a provision that would allow nuclear waste to be stored in Nevada. Among the bill's provisions for nuclear plants in general: No more public hearings after a plant is built. Also covered by the bill: combining construction permits and operating licenses. FILIBUSTER WAS PROMISED: Nevada senators Richard Bryan and Harry Reid, both Democrats, fear the bill will weaken safety standards at a proposed nuclear waste dump deep inside Yucca Mountain, about 100 miles northwest of Las Vegas. Bryan and Reid had promised to filibuster any Senate action, so other members moved to cut off their debate, forcing a two-day delay on the final vote. GOV'T FLEETS WOULD SWITCH FUELS: Government vehicles would be affected under the bill; federal and state governments would have to switch 75% of vehicle fleets to such alternative fuels as methanol and ethanol by 2000. Another objective in the bill would give independent producers of electricity access to utilities' transmission lines. OIL IMPORTS WOULD LESSEN: The energy bill could reduce oil imports by 4.7 million barrels per day by 2010. That would keep $80 billion from going overseas. The bill also is projected to cut national electricity bills by $17.6 billion, an average annual savings of about $150 per household. (End of package.) 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