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 Mon, May 18 1992 Date: Mon, 18 May 92 05:21:50 EDT Message-ID: 05-18 0000 DECISIONLINE: Energy USA TODAY Update May 18, 1992 Source: USA TODAY:Gannett National Information Network EXXON USA TO CUT 1,000 JOBS: The decline of oil and gas exploration in the United States will cost more than 1,000 white collar employees of Exxon Corp.'s domestic subsidiary their jobs, the company said Friday. Executives at Exxon Co. USA, in meetings with employees, explained a voluntary severance program that takes effect immediately and lasts through June 15. After that time, the company will consider layoffs. OIL CLOSES WEEK ON UP NOTE: Oil prices advanced Friday, regaining much of the ground lost in several recent sell-offs. Light sweet crude oil for delivery in June settled at $20.69 per barrel, up 14 cents, at the New York Mercantile Exchange. For the week, the benchmark crude lost 17 cents. Traders said no news motivated trading, but said players just decided it was time to buy. REFINED PRODUCTS RISE: Unleaded gasoline for delivery in June settled at 63.68 cents a gallon, up .69 cent, Friday at the Mercantile Exchange. It fell 1.19 cents for the week. Home heating oil for delivery in June settled at 57.18 cents a gallon, up .42 cent for the day but down .49 cent for the week. June natural gas settled at $1.657 per 1,000 cubic feet, up 3.4 cents for the day and 18.2 cents for the week. AUTOMAKERS IMPROVE FUEL ECONOMY: The USA's new car fleet improved its fuel economy by 0.3 miles per gallon to 28.3 mpg in 1991, reversing a two-year decline, the government says. However, the gain came primarily from Ford Motor Co., whose numbers rose because of an extended model year for its fuel-efficient Escort:Tracer and shorter model year for its thirstier Crown Victoria:Grand Marquis. (For more, see special CAFE package below.) BUSH MAKES CLEAN AIR CONCESSION: President Bush has granted a Clean Air Act concession to industry, defying Environmental Protection Agency Chief William Reilly. Bush will allow industries to make some operational changes without public notice. The ruling - made last week and reported Sunday by the Washington Post - could allow increased emissions. Reilly had said such revisions should be subject to public review. FACTORIES, MINES GETTING BUSIER: Output by the nation's factories, mines and utilities rose strongly for the third straight month in April, the Federal Reserve said Friday. The Federal Reserve report showed April's 0.5% growth in industrial production was widespread. Production in April was 2.5% above that of April 1991. Mining output rose 0.8% but utility production dropped 0.2%. MARCH OUTPUT REVISED UPWARD: The Federal Reserve, reporting on last month's 0.5% increase in output at the USA's factories, mines and utilities, said Friday its industrial production index in April stood at 108.2% of its 1987 base, up from 107.6% in March. The Fed also revised upward, to 0.4%, its initial estimate of production in March. That was twice the 0.2% gain first reported. CMP HAS TOO MANY WORKERS: Central Maine Power Co.'s operating costs are too high and the utility has too many managers and in some areas too many staff employees, says a consultant's study which appeared in Sunday Sun-Journal. CMP Vice President David Flanagan said the company's goal is to make itself "less hierarchical, less bureaucratic." HEARINGS SET FOR MONTANA: The Northwest Power Planning Council will sponsor hearings in Montana on a proposal to reduce Columbia River flows to aid migrating salmon. The first will be held in Great Falls June 3 followed by hearings in Missoula, June 4, and Kalispell, July 8-9. The Montana Farmers Union has asked its members to oppose the proposed action, saying it will increase power rates. CITIZENS UTILITIES' EARNINGS UP: Citizens Utilities set new highs in earnings per share and net income for the first quarter and 12 months ended March 31, company Chairman Leonard Tow said Friday. Citizens' earnings per share of 46 cents for the first quarter were up 7% from 43 cents a year ago. Net income for this year's first quarter was $25.4 million, an increase of 6% over the net income of $24 million a year ago. SPECIAL PACKAGE ON CAFE: MOST IMPROVE CAFE RATING: Ford Motor Co.'s corporate average fuel economy for domestic cars rose 1.4 mpg in the 1991 model year, the National Highway Traffic Safety Administration says in its 16th annual report to Congress on fuel economy. Two-thirds of 21 manufacturers improved their CAFE rating in the 1991 model year. Those 14 companies accounted for 70% of the cars sold last year, NHSTA says. CAFE GAP WITH IMPORTS SHRINKS: The Big Three U.S. automakers combined improved 0.5 mpg for all cars classified as domestic, rising to 27.4 mpg. The fuel economy of imported cars, including those sold by the Big Three, remained at 29.8 mpg, the same as the 1990 model year, NHSTA reports. As a result, the CAFE gap between domestic and imported cars shrank to its narrowest point ever, a 2.4 mpg difference, the agency says. LIGHT TRUCK FUEL ECONOMY UP: The overall fuel economy of light trucks also improved last year, increasing form 20.7 mpg to 21.3 mpg. Domestic trucks improved 0.7 mpg to 20.9 mpg; imported trucks were unchanged at 23.0 mpg. The light-truck standard of 20.2 mpg will rise to 20.4 mpg in the 1993 model year and 20.5 mpg for 1994. (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. 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