Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Tue, May 12 1992 Date: Tue, 12 May 92 05:10:23 EDT Message-ID: 05-12 0000 DECISIONLINE: Energy USA TODAY Update May 12, 1992 Source: USA TODAY:Gannett National Information Network PETROLEUM PRICES CLIMB: Petroleum prices rose Monday on the New York Mercantile Exchange, strengthening largely on increased demand for refined fuels that pushed home heating oil to the highest level of 1992. On the Merc, wholesale home heating oil for June delivery closed at 58.32 cents a gallon, up .65 cent from Friday, the highest price for next-month heating oil delivery since 59.30 cents Dec. 5. OIL GOES UP: In crude oil trading, the benchmark light sweet blend for June delivery rose 14 cents a barrel to $21 on the New York Mercantile Exchange. Lower-quality sour crude for June delivery rose 14 cents a barrel, closing at $18.50. Wholesale unleaded gas rose .46 cent a gallon to close at 65.33 cents. Natural gas for June delivery closed at $1.490 per 1,000 cubic feet, up from $1.475 Friday. NATURAL GAS SHOULD BE STANDARD: Electric power generators and state public utility commissions should adopt natural gas-based power production as the environmental and economic standard for electricity generation, Kenneth L. Lay of Enron said Monday. In a speech before the New Mexico Natural Gas Fair, Lay said environmental concerns will be the key factor affecting economic and energy policy in the world. URGING NOT A CALL FOR MANDATE: Kenneth L. Lay of Enron said Monday he his urging electric power generators and state public utility commissions to adopt natural gas-based power production as a standard, but said a mandate to use natural gas is not needed. He says if allowed to compete in a free and fair competitive market, natural gas will win on its own merits. PLAINS TO SIDETRACK WELL: Plains Resources said Monday it has begun operations to sidetrack its Miami Fee No. 1 well in Cameron Parish, La. The company said it is preparing to move up the existing wellbore to approximately 13,200 feet and drill about 3,200 feet of new hole to the northwest at a 36 degree angle from the existing well. The sidetrack operation is expected to take about 30 days, Plains said. STRAY KITES CUT POWER: Stray kites drifting into overhead utility lines cause power cuts for thousands of Pacific Gas and Electric Co. customers every year, the company said Monday. Last year, PG&E crews responded to 38 service interruptions involving runaway kites. Kite safety books are available in English and Spanish from PG&E Community Relations, 77 Beale St. Room 2832, San Francisco, Calif. 94106. CONSERVATION VENTURE ANNOUNCED: Eastern Utilities Associates and Midlands Electricity announced Monday the companies are forming a joint venture to promote and implement energy conservation measures and energy use management investments in England. The joint venture, to be known as Midlands Energy Services, will identify potential energy-saving projects and arrange a funding, installation and expertise package. `OPPORTUNITIES ABROAD FOR EUA': Massachusetts Gov. William Weld, who hosted the announcement of a joint venture between Eastern Utilities Associates and Midlands Electricity plc Monday, said the "energy efficiency industry started here in Massachusetts in the early 1980s with companies such as EUA Cogenex." Weld praised "additional opportunities abroad for EUA," a Boston-based investor-owned holding company. ELECTRIC PROPULSION STUDIED: Electric propulsion of satellites will be tested on a tiny orbiting space platform in 1995, a University of Tennessee Space Institute administrator announced Monday. George Garrison said electric propulsion may significantly cut the cost of placing satellites in orbit. CSTAR and two other NASA-funded space research centers are working together on the platform. TOREADOR ACQUIRES INTERESTS: Toreador Royalty announced Monday that it has acquired producing working and royalty interests located in the Welch Field, Terry and Dawson counties, Texas for a total consideration of $193,000. Based on in-house engineering estimates these properties contain net reserves of approximately 60,000 barrels which equates to an acquisition cost of $3.22 per net barrel. PHILLIPS SLASHES CAPITAL BUDGET: Phillips Petroleum Co. Monday announced a reduction of $175 million in the company's 1992 budget for capital projects. The capital budget was lowered from $1.35 billion to $1.175 billion. C. J. Silas, chairman and chief executive officer that the budget reduction will be about evenly divided between the upstream and downstream budgets. COMPAQ, EPA TEAM UP: Compaq Computer Corp. Monday announced it is working with the Environmental Protection Agency to outline and implement energy efficiency guidelines as part of the EPA Energy Star Computers Program to be announced Tuesday at the EPA's Northeast Region Energy Efficiency Initiative conference. The project's aim: To encourage manufacturers to design computers requiring less energy. Energy Editor: Beth Mann. (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