Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Tue, Apr 14 1992 Date: Tue, 14 Apr 92 05:42:44 EDT Message-ID: 04-14 0000 DECISIONLINE: Energy USA TODAY Update April 14, 1992 Source: USA TODAY:Gannett National Information Network OIL PRICES FALL: Oil prices lost ground Monday in directionless trading that was influenced largely by technical forces within the petroleum market. On the New York Mercantile Exchange, contracts for May delivery of light sweet crude settled at $20.22 a barrel, down 22 cents from Friday. Lower-grade sour crude for May delivery fell 24 cents a barrel to $17.80. REFINED PRODUCTS END DAY LOWER: Refined products traded on the Mercantile Exchange also weakened on Monday. Wholesale heating oil for May delivery fell .66 cent to 55.45 cents a gallon. Unleaded gasoline for May fell 1.63 cents a gallon to 59.76 cents. Natural gas for May delivery closed at $1.270 per $1,000 cubic feet, down .24 cent. PANEL SAYS DUMP SITE IS SAFE: Plans to store highly radioactive nuclear waste in a permanent facility in the Nevada desert got a boost Monday when a scientific panel found there's no apparent risk of groundwater contamination. The National Research Council panel said even after an earthquake or volcano eruption, water tables would remain hundreds of feet below the proposed storage caverns on Yucca Mountain. FLEET BUYERS TAKE VFV LUMINAS: Fleet buyers have been the primary customers for Chevrolet's flexible-fuel Lumina sedans in the four month's since the company made the offer to sell the cars in California. Dealers have taken nearly 1,100 orders for the 1992 Chevrolet Variable Fuel Vehicle Luminas, Chevrolet's says. Last November, Chevrolet allowed its California dealers to begin taking orders for as many as 4,000. (For more, see special Luminas package below.) APCO ARGENTINA NOT FOR SALE: The board of directors of Apco Argentina Inc. Monday instructed management to terminate previously announced efforts to explore the possible sale of the company. The sale effort was impacted by a general downturn in the world-wide oil and gas industry and the sale of producing oil and gas properties in Argentina by Yacimientos Petroliferos Fiscales, the state oil company. COMSTOCK TO BUY PROPERTIES: Comstock Resources, Inc. said Monday that it has entered an agreement to purchase certain producing oil and gas properties from Liberty Life Insurance Company of Greenville, S.C. The properties are comprised of 120 wells located primarily in Oklahoma and Arkansas, and have estimated proved reserves of 12.5 billion cubic feet of gas and 58,000 barrels of oil. LOMAK BUYS APPALACHIAN RESERVES: Lomak Petroleum Inc. said Monday that it has completed two acquisitions of Appalachian oil and gas reserves. In one purchase, Lomak increased its interest in the Athens Field joint venture from 10% to 50% for $1.6 million. The Athens Field is in northwestern Pennsylvania and includes 300 gas wells. Lomak also acquired interests in four oil and gas wells in southern Ohio for $800,000. STATE WANTS TO SAVE JOBS: Missouri has offered Associated Electric Co. $10 million in low-interest loans to help keep the Thomas Hill Coal Mine in Moberly open. The state wants to save the 400-500 jobs that would be lost if the mine closes. Associated Electric will get $5 million at 1.4% and $5 million at 4.4%. AIPN REPORTS LOSS FOR YEAR: American International Petroleum Corp. Monday reported a loss from operations for the year ended Dec. 31, 1991. The company said it lost $3,651,540, or 10 cents per share, compared with a loss of $2,902,739, or 11 cents per share in 1990. Revenues for were $2,491,527, vs. revenues of $2,060,595 in 1990. AIPN is engaged in refining, oil and natural gas exploration and production. SPECIAL PACKAGE ON LUMINAS: SEDANS TO RUN ON M-85: Chevrolet's offer take retail orders on as many as 4,000 1992 VFV Lumina sedans to be sold in California expired Feb. 28. Production on the sedans began Friday. Nearly all of the 1,100 orders taken for the cars went to fleet buyers. The cars are intended to run on M-85, a blend of 85% methanol and 15% gasoline, but they can use any mix of the two fuels. STATE HAS REBATE PROGRAM: The Lumina's "variable fuel" option costs $2,000. However, the California Energy Commission has a rebate program that pays $1,000 a car to private individuals or businesses and $2,000 per car to public agencies. To qualify for the program, buyers must prove they have access to the lesser-polluting M-85 fuel. Drawback: Almost all of the M-85 pumps in the state are operated by fleet owners. XEROX TOP PRIVATE FLEET BUYER: Xerox Corp. was the top private fleet purchaser of the Lumina, buying 100 of the vehicles. Digital Equipment Corp. ordered 71. One test of public acceptance will come from Avis Inc., which ordered 20 for its fleet at Sacramento airport. California's Department of Transportation topped the public agency list with 426 orders. Other state, county and regional agencies accounted for 200 orders. (End of package.) Energy Editor: William Snoddy. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution 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