Path: bloom-picayune.mit.edu!snorkelwacker.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 Fri, Nov 6 1992 Date: Fri, 6 Nov 92 05:29:35 EST Message-ID: 11-06 0000 DECISIONLINE: Energy USA TODAY Update Nov. 6-8, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL PRICE SHOOTS UP: Light sweet crude oil futures gained at the New York Mercantile Exchange Thursday on news Algeria has called for an emergency meeting of Organization of Petroleum Exporting Countries on slumping oil prices. Crude oil futures had been pressured this week by news that OPEC members had increased crude oil production. December light sweet crude was up 31 cents at $20.64 a barrel. REFINED PRODUCTS CLOSE MIXED: Refined products finished mixed Thursday on the New York Mercantile Exchange. Home heating oil for delivery in December closed .52 cent higher at 58.94 cents a gallon. Unleaded gasoline for December delivery was up .80 cent to finish at 57.21 cents a gallon. December natural gas was 2 cents lower at $2.382 per 1,000 cubic feet. ALGERIA APPEALS TO OPEC MEMBERS: In an effort to stop recent price declines, Algeria's oil minister Thursday called on other members of the Organization of Petroleum Exporting Countries to halt overproduction. Hacene Mefti also suggested that the OPEC ministers should meet earlier than they'd planned to discuss the problem, according to an official with Sonatrach, the Algerian state oil company. MINISTER WANTS TO MEET SOONER: Algerian Oil Minister Hacene Mefti Thursday asked that a Nov. 24 meeting of the Organization of Petroleum Exporting Countries monitoring committee be moved up. He wants the committee to impose individual country production quotas. OPEC ministers are scheduled to meet Nov. 25 in Vienna to discuss first-quarter 1992 oil output. BOESKY SETTLES MAXUS SUIT: Ivan Boesky Thursday agreed to pay $50 million to settle an inside-trading lawsuit filed by Maxus Energy, formerly Diamond Shamrock. Boesky was the only remaining defendant in the case. Kidder Peabody settled last month by agreeing to pay Maxus $125 million in cash and $40 million in stock warrants. BOESKY WAS LAST DEFENDANT: Ivan Boesky was the last remaining defendant in an inside-trading suit filed by Maxus Energy against Kidder Peabody. He agreed to pay $50 million Thursday. Last month, former Kidder investment banker Martin Siegel was dropped as a defendant when he agreed to testify against Boesky. Maxus filed suit in 1987, seeking $2.2 billion. SAGE PLANT BEGINS DELIVERIES: Mobil Corp. Thursday announced its SAGE plant in St. Fergus, Scotland, has made its first natural gas delivery under a contract with British Gas. Mobil's United Kingdom affiliate operates the Scottish Area Gas Evacuation system. Direct sales also have begun to the industrial and commercial markets in the United Kingdom through independent gas marketing companies. EPA MODIFIES PROPOSAL: The Environmental Protection Agency Thursday modified a July proposal and said that cities with the worst air quality will have to have separate auto emissions testing and repair work beginning in 1995. Shops that repair autos in the USA's smoggiest cities will no longer be able to perform emissions testing. The separation is part of a program to cut output of auto hydrocarbons by 28%. COMPANY PLANS TO CUT 500 JOBS: American Electric Power in Columbus, Ohio, said Thursday it plans to eliminate up to 500 jobs and combine operations at its two Ohio utilities under a cost-reduction program. A company spokesman says no savings estimates have been made. But analysts at Legg, Duff & Phelps say that cutting 500 jobs typically leads to a savings of $15 million to $25 million. TEXACO TO CHALLENGE JIFFY LUBE: Texaco Inc. said Thursday it plans to join forces with Kmart Corp. to create a chain of oil-change centers to go up against Jiffy Lube, run by Pennzoil Co. Kmart said it will add specialized oil-changing facilities to 750 of its 1,000 U.S. auto service centers. Texaco will train 1,500 new workers and supply most of the oil products for what will be called the Kmart Quick Lube Centers. UNOCAL TO GET TOP HONOR: Unocal Corp. Thursday said it will receive the USA's top environmental honor for its 1990 auto recycling project. It will receive the President's Environment and Conservation Challenge Award for a project known as the South Coast Recycled Auto Program. The program in Los Angeles scrapped heavily polluting pre-1971 cars, collecting and crushing 8,376 cars in four months. INEFFICIENT SYSTEM WASTES 50%: Home heating is responsible for putting out 250 million tons of carbon into the atmosphere every year. That's more than a billion tons of carbon dioxide, the most prevalent greenhouse gas. According to "30 Simple Energy Things You Can Do To Save The Earth," 40% of home energy goes for heat. If a heating system is running inefficiently, 30% to 50% of the energy it uses is wasted. ALABAMA GAS CORP. WANTS HIKE: Alabama Gas Corp. customers will see a 2.1% rate increase Dec. 1 if the Public Service Commission finds the request reasonable, according to a commission supervisor. A typical residential customer will pay $14 more a year under the plan. COUNTY BANS MOST WOOD BURNING: The County Commission of Ada County, Idaho, has banned most wood burning during heavy winter inversions to reduce air pollution. Commissioner Gary Glenn calls the action "federal blackmail." The federal government has threatened to withhold some highway funding if air quality does not meet federal standards. 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