Path: bloom-picayune.mit.edu!enterpoop.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 Mon, Nov 2 1992 Date: Mon, 2 Nov 92 04:47:35 EST Message-ID: Lines: 108 11-02 0000 DECISIONLINE: Energy USA TODAY Update Nov. 2, 1992 Source: USA TODAY:Gannett National Information Network UNLEADED PRICES SOAR: Unleaded gasoline prices for near-term delivery rose sharply Friday as traders bought the fuel to meet contract obligations before new cleaner gasoline rules take effect. November unleaded rose to 62.18 cents a gallon, up 2.82 cents. Unleaded gasoline rose 3.29 cents during the week. Home heating oil for December closed unchanged at 60.28 cents per gallon. CRUDE PRICES DOWN: Crude oil prices were lower on end-of-the-month selling by refiners in Britain hoping to take advantage of lower prices to get a break on their taxes. Light sweet crude oil for delivery in December settled at $20.62 per barrel, down 9.0 cents, at the New York Mercantile Exchange. Crude fell 57 cents from last Friday and has dropped $1.71 over the past two weeks. BOX PRESIDENT TO PAY $28.5M: Box Energy Corp.'s president, Cloyce Box, has been ordered to pay $28.5 million in damages for unfair dealings with former partners. Box's countersuit has not been scheduled for trial. Potato magnate and former partner J.R. Simplot led other shareholders in convincing a federal jury that Box had diverted $20 million in pipeline income for his own use. BOSTON EDISON'S PLAN APPROVED: The Boston Edison Co. Friday announced that the Massachusetts Department of Public Utilities has approved the negotiated settlement filed in the company's 1992 retail rate case. The agreement was filed Oct. 23. Under the agreement, Boston Ed can't raise rates at least until November 1993. TESORO HOLDERS WANT MORE SAY: A group of Tesoro Petroleum Corp. investors Friday said it has asked the company for two seats on the board of directors. The 14 investors together hold a 13.1% stake in the company. The group also asked controlling shareholder Metropolitan Life Insurance Co. subsidiary to convert the subsidiary's preferred shares into common stock and waive payment of accumulated dividends. UTILITY SEEKS RATE HIKE: Puget Sound Power & Light Friday filed a request for more revenues with the Washington Utilities and Transportation Commission. The general rate request is for money to help recover costs of improvements linked to conservation and development of new resources for the company's steadily growing demand for electricity. Average residential hike: $4.96 per month. PENNZOIL EARNS LESS, SHELL MORE: Pennzoil Co. Friday said its net third-quarter income was $9.5 million compared with $32.1 million in the same quarter a year ago. The company has announced plans to sell its stake in Purolator Products Co. Shell, a U.S. subsidiary of Royal Dutch:Shell Group, had net income of $28 million that included a $100 million charge from job cuts. A year ago Shell had a $14 million net loss. DELMARVA WANTS TO RAISE RATES: Delmarva Power & Light Co. Friday filed proposals for a rate increase of 7.2% with the Maryland Public Service Commission. The utility said it wanted to include the cost in its rates of a fuel-efficient power plant scheduled to begin operation May 31. The plant is a combined cycle unit that uses exhaust heat from three existing combustion turbine generating units. COMPANY AWARDED 2% HIKE: Officials have announced that Elizabethtown Gas Co.'s 228,000 customers will see a 2% increase in bills from the Trenton, N.Y., company. The hike was awarded on projected higher gas prices and to recoup $917,000 lost during last winter, which was warm. SUN TO CUT EXPLORATION: Sun Co. Inc. said Friday would drop most of its oil and gas exploration outside Canada. The company said it planned to concentrate on selling gasoline and other products. To pay for the changes in the company's direction, Sun said it recorded a $459 million charge in the third quarter that contributed to a $320 million loss. Sun said it will concentrate on refining. SHELL TO MAKE MORE CUTS: Shell Oil Co. Friday said it would eliminate more jobs in its effort to cut costs. The company said its work force would be reduced by 20%. That's up from previously announced cuts of 10% to 15%. Large oil companies have been scaling back their domestic operations this year as oil wells are drained of easy-to-reach crude. As wells get older, it costs more to pump oil. NOVA INCOME INCREASING: NOVA Corp. said Friday its net income continues to increase thanks to restructuring, ongoing cost-containment programs and rate base growth from expansion of the Alberta natural gas pipeline system. Unaudited consolidated net income for the nine months ended Sept. 30 was $111 million compared with $39 million. 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