The Oil Daily back issues from January 1991:
Wartime draft of oil industry executives urged.
Jan 02, 1991; ... Wartime Draft of Oil Industry Executives Urged WASHINGTON -- Should oil industry executives be drafted into government service in times of national emergencies or if war erupts in the Persian Gulf? That question could arise in the next few weeks. The ...
EIA: oil's 'war premium' dissolves on supply rise. (Energy Information Administration)
Jan 02, 1991 ... EIA: Oil's `War Premium' Dissolves on Supply Rise WASHINGTON -- Since peaking in mid-October, domestic and worldwide crude oil and petroleum product prices have dropped substantially, the Energy Information Administration says. Markets have weakened and supply ...
Panel OKs Pacific Gas expansion. (California Public Utilities Commission; Pacific Gas Transmission Co.)
Jan 02, 1991; ... Panel OKs Pacific Gas Expansion The giant proposed expansion of the Pacific Gas Transmission system connecting California and Western Canada has been approved by the California Public Utilities Commission, capping a year of significant progress for companies hoping to capture ...
Operators, consumers on opposite tracks in gas dilemma.
Jan 02, 1991; ... Operators, Consumers On Opposite Tracks in Gas Dilemma DALLAS -- U.S. operators seem to be turning away from natural gas just when consumers have discovered it. However, the low prices which make gas attractive now will not hold if projections by the nation's major producers are ...
Crude oil prices reflect gains. (article continues on page 7)
Jan 02, 1991; ... Crude Oil Prices Reflect Gains Continued nervousness over the possibility of a Gulf war coupled with bullish market technicals lent support to energy futures Friday. Earlier talk of Saudi tenders and reports of mines near an oil rig in the Gulfboosted prices. U.S. light, sweet ...
Pacific Enterprises retailing operations attract attention.
Jan 02, 1991; ... Pacific Enterprises Retailing Operations Attract Attention NEW YORK -- For quite some time, retailing operations of Pacific Enterprises have been of concern to ratings services. Now, Moody's Investor Services has placed approximately $150 million of the company's preferred stock ...
Ashland's SuperAmerica looks to continuing strong points. (gasoline service stations)
Jan 02, 1991 ... Ashland's SuperAmerica Looks To Continuing Strong Points ASHLAND, Ky. -- Ashland Oil Inc. credits a commitment to customer service and ongoing research to gasoline sales at the average SuperAmerica convenience store being about two-and-a-half times the industry average during ...
Analysts search market's dark clouds.
Jan 02, 1991; ... Analysts Search Market's Dark Clouds NEW YORK -- What to do in the present stock market? Salomon Brothers finds it to be a "a hell of a bear market," pointing out that between July and October, stock prices tumbled 20 percent, but about half of the decline has been ...
Citgo/Champlin merger may cut market liquidity. (Citgo Petroleum Corp.; Champlin Petroleum Co.)
Jan 02, 1991; ... Citgo/Champlin Merger May Cut Market Liquidity When Petroleos de Venezuela completed its merger of wholly owned subsidiaries Citgo and Champlin New Year's Eve, sources projected some liquidity will be pulled from the wholesale market. The two independents were known for ...
TexCan, Mission plan acquisitions. (Texaco Canada Petroleum Inc.; Mission Energy Co.)
Jan 02, 1991 ... TexCan, Mission Plan Acquisitions CALGARY -- Texaco Canada Petroleum Inc. and Mission Energy Co. plan to buy properties with more than 200 billion cubic feet of proved gas and 4 million barrels of proved liquids reserves in British Columbia from Esso Resources for $100 million ....
Top U.S. independents call for emergency action on energy security. (George Mitchell; Michel T. Halbouty)
Jan 02, 1991; ... Top U.S. Independents Call for Emergency Action on Energy Security HOUSTON -- Two of the nation's best-known independent oilmen, considering Middle Eastern uncertainties, agree that emergency action is needed to guarantee U.S. energy security. George Mitchell calls for ...
Gas producer spinoff proves again that pieces worth more than whole. (Burlington Resources Inc.)
Jan 02, 1991; ... Gas Producer Spinoff Proves Again that Pieces Worth More than Whole HOUSTON -- Thomas O'Leary is busily proving that two minus one equals two. Since November, he's been chairman as well as president and chief executive officer of Burlington Resources Inc., spun off in 1988 to ...
Heating oil prices show strength.
Jan 02, 1991; ... Heating Oil Prices Show Strength National wholesale heating oil postings rose more than a cent last week, as sources expected strong distillate draws this week. Rack No. 2 oil postings rose 0.25 cents Friday to 78.25 cents per gallon. This was a 1.31 cent gain from the ...
Gasoline prices drop in survey.
Jan 02, 1991; ... Gasoline Prices Drop in Survey After 10 weeks and an average 19 cent drop in dealer tankwagon gasoline prices, self-serve regular unleaded fell to its lowest level in almost four months. The American Automobile Association said retail prices are at positions not seen ...
Philippine-led group has oil find. (Philippine Overseas Drilling Corp.)
Jan 02, 1991 ... Philippine-Led Group Has Oil Find MANILA -- A Philippine-led consortium has discovered "excellent" quality oil at a new well off Palawan island, the Office of Energy Affairs said. Energy office executive director Wenceslao de la Paz told reporters an exploration team ...
$934 million Kern River pipeline project under way. (Kern River Gas Transmission Co.)
Jan 03, 1991; ... $934 Million Kern River Pipeline Project Under Way WASHINGTON - Construction started Wednesday in the rugged high desert outside St. George in southwestern Utah on the the $934 million Kern River pipeline project that will transport Rocky Mountain and Canadian natural gas to ...
Active rig count lags at year-end. (oil well drilling rigs)
Jan 03, 1991 ... Active Rig Count Lags at Year-End DALLAS - The 1990 U.S. average rig count ended the year at 1,010, the highest level since 1985. The average then was 1,980. Last year's strong showing occurred despite a sharp year-end slump. This week's three rig decline to 1,086 units ...
Canadian gas prices in slump.
Jan 03, 1991; ... Canadian Gas Prices in Slump OTTAWA - Canadian natural gas prices are continuing their slump despite a deep freeze in the western half of the country that should have pushed prices upward. The Canadian gas producing industry is now bracing itself for a tough first part ...
Larkin steps down from PESA post. (Petroleum Equipment Suppliers Association President J. Stephen Larkin)
Jan 03, 1991 ... Larkin Steps Down From PESA Post HOUSTON - J. Stephen Larkin, Petroleum Equipment Suppliers Association president for five years, is leaving the industry association to take over as president of Valve Manufacturers Association of America. The move returns Larkin to ...
Zapata restructure moves ahead. (fishing, oil and gas service company)
Jan 03, 1991; ... Zapata Restructure Moves Ahead HOUSTON - Zapata Corp. forestalled bankruptcy when enough subordinated debentures were tendered at a steep discount to enable the fishing, oil and gas and service company to implement a restructuring plan agreed to late last summer. "When ...
Fuel prices in northeast resist erosion despite warmth.
Jan 03, 1991; ... Fuel Prices in Northeast Resist Erosion Despite Warmth While some slippage has occurred, fuel prices have not eroded significantly in New England despite one of the warmest winters on record so far. Wholesale fuel oil prices are in the 80-82 cents a gallon range, down ...
Crude oil prices drop below $27.
Jan 03, 1991; ... Crude Oil Prices Drop Below $27 U.S. crude oil future slipped below $27 Wednesday as traders evaluated news of a possible last-minute diplomatic solution before the U.N. Jan. 15 deadline to oust Iraq from Kuwait. U.S. light, sweet crude dropped over $2 to a low of ...
'Magic bullets' won't help solve problems inherent in current oil crisis.
Jan 03, 1991; ... `Magic Bullets' Won't Help Solve Problems Inherent in Current Oil Crisis The current oil crisis has brought forth a large number of misconceptions, especially the assertions that the Reagan and Bush administrations have had no energy policy and that reliance on cheap oil is the ...
South Africa moves to export oil products.
Jan 03, 1991 ... South Africa Moves to Export Oil Products South Africa's oil industry is gearing up to take advantage of the removal of the U.N.'s voluntary embargo on oil sales to South Africa in order to export oil products to the "frontline states" until recently committed to its downfall. ...
Vietnam eyes exploration advances.
Jan 03, 1991; ... Vietnam Eyes Exploration Advances WASHINGTON - The year 1991 could see Vietnam become one of the hottest oil exploration areas in the world if several long-standing issues are settled which have blocked it from exploiting what could be major reserves. First, the new ...
Utilities try to kick the oil habit, make moves to natural gas.
Jan 03, 1991; ... Utilities Try to Kick the Oil Habit, Make Moves to Natural Gas NEW YORK - Spurred by the oil price shocks and faced with growing environmental regulations to curb pollution, electric utilities are trying to curb their addiction for foreign oil. Many of them are turning ...
Optimists severely tested by low winter gas prices.
Jan 03, 1991; ... Optimists Severely Tested By Low Winter Gas Prices Despite a bearish winter for natural gas prices, analysts remain optimistic for 1991. This season's warmer-than-usual weather has kept a lid on price increases. Even as a cold front finally embraced the East Coast last ...
British Columbia exports to grow. (natural gas exports)
Jan 03, 1991 ... British Columbia Exports to Grow CALGARY - The Westcoast Pipeline system will approach full capacity utilization within the next few years - for the first time since the early 1970s. Significant expansion is needed if production levels for the mid-1990s are to be ...
Damson details proposed sale to Parker and Parsley Petroleum. (Damson Oil Corp.)
Jan 03, 1991 ... Damson Details Proposed Sale to Parker and Parsley Petroleum NEW YORK - Damson Oil Corp. disclosed details Wednesday of the proposed acquisition by Parker and Parsley Petroleum Co. of Damson's four master limited partnerships and two oil and gas income funds. Damson ...
PMAA supports Justice Dept.'s move to crack down on excise tax evaders. (Petroleum Marketers Association of America)
Jan 03, 1991 ... PMAA Supports Justice Dept.'s Move To Crack Down on Excise Tax Evaders The Petroleum Marketers Association of America says it firmly backs the Justice Department's recent move to crack down on evaders of major gasoline excise tax. "PMAA applauds the Justice Department ...
Survey indicates preference for ethanol.
Jan 03, 1991 ... Survey Indicates Preference for Ethanol Ethanol-blended gasoline, which can be used to meet oxygenated fuel provisions of the new Clean Air Act, received high ratings in a new independent survey of 300 drivers in three western cities. Ethanol and MTBE are the main ...
Gasoline prices in solid gains.
Jan 03, 1991; ... Gasoline Prices In Solid Gains Wholesale gasoline grades gained about a cent and a half Monday, in quiet, post-New Year's trade. The national average of rack regular unleaded postings rose 1.42 cents Friday to 72.26 cents per gallon, according to The Oil Daily's ...
Kuwait ambassador assesses occupation's impact as Gulf settlement rumors grow. (Said Nasir Sabah)
Jan 04, 1991; ... Kuwait Ambassador Assesses Occupation's Impact as Gulf Settlement Rumors Grow WASHINGTON - Kuwait's sophisticated oil refineries could be returned to service quickly if a peaceful solution is found to the Gulf crisis, although the precise condition of the refineries is difficult ...
Murphy makes offer for ODECO. (Murphy Oil Corp.; Ocean Drilling and Exploration Co.)
Jan 04, 1991 ... Murphy Makes Offer for ODECO EL DORADO, Ark. - Murphy Oil Corp. announced a new offer Thursday to acquire the common stock of Ocean Drilling and Exploration Co. that it does not currently own. President Jack W. McNutt explained that the new offer differs from one made ...
ASEAN officials eye oil sharing. (Association of South East Asian Nations)
Jan 04, 1991 ... ASEAN Officials Eye Oil Sharing MANILA - Officials of state oil companies in the Association of South East Asian Nations began a two-day meeting to discuss an oil-sharing plan among the six members in case of war in the Gulf. Phillippine National Oil Co. vice-president ...
Slumping premium gasoline sales making slight rebound.
Jan 04, 1991; ... Slumping Premium Gasoline Sales Making Slight Rebound Dealers are beginning to recapture some of their premium gasoline sales, lost since last July, by shaving the price spread between premium and lower octane grades. Since the most recent onset of higher gasoline ...
Texaco Canada embarked on ambitious rebuilding plan. (Texaco Canada Petroleum Inc.)
Jan 04, 1991; ... Texaco Canada Embarked on Ambitious Rebuilding Plan OTTAWA - Stripped of virtually all its assets, tiny Texaco Canada Petroleum Inc. has embarked on a program it hopes will make it a major player in Canada. The Canadian subsidiary of Texaco Inc. saw all of its upstream ...
Crude oil prices fall below $25.
Jan 04, 1991; ... Crude Oil Prices Fall Below $25 World crude oil futures prices dipped below $25 per barrel Thursday, their lowest point since the Iraqi invasion of Kuwait. Sources predicted that prices could touch $23.50 Friday. February light, sweet crude futures hit a ...
More steps in progress of recycling. (plastics recycling)
Jan 04, 1991; ... More Steps In Progress Of Recycling Efforts to increase the recycling of plastics are continuing at both the research and applications levels, with new technologies expected to come to the market this year. The Washington-based Council for Solid Waste Solutions recently issued an ...
Environmental panel to evaluate North Carolina data. (offshore oil industry)
Jan 04, 1991; ... Environmental Panel To Evaluate North Carolina Data WASHINGTON - Interior Secretary Manuel Lujan has assembled an environmental sciences review panel to assess oceanographic, environmental and socio-economic information related to a proposed natural gas well off North Carolina's ...
Persian Gulf crisis focuses spotlight on Alaskan oil production.
Jan 04, 1991; ... Persian Gulf Crisis Focuses Spotlight on Alaskan Oil Production The Persian Gulf crisis has focused attention on Alaska as the supplier of 25 percent of the nation's domestic oil production and probably the likeliest place the country can turn to for increased production. ...
West coast crude and products.
Jan 04, 1991 ... West Coast Crude and Products Spot prices for crude oil on the U.S. West Coast fell along with other oil markets over the past week as peace in the Middle East seemed more likely. But most differentials were virtually unchanged in notional trading. Alaskan North Slope ...
EPA delays part of underground storage tank requirement.
Jan 04, 1991; ... EPA Delays Part of Underground Storage Tank Requirement WASHINGTON - The Environmental Protection Agency has delayed for 270 days a requirement for underground storage tank owners and operators to install false alarm automatic line leak detectors on pressurized piping. ...
Energy Service agrees to buy Argosy Offshore.
Jan 04, 1991 ... Energy Service Agrees to Buy Argosy Offshore DALLAS - Energy Service Co., Inc. signed definitive agreements to buy Argosy Offshore Ltd., a Texas limited partnership with 20 offshore supply and work vessels for $26.3 million. Purchase is subject to federal government approval under ...
Garnet seeks to develop Colombia finds. (Garnet Resources Corp.; oil finds)
Jan 04, 1991; ... Garnet Seeks to Develop Colombia Finds HOUSTON - Garnet Resources Corp. requested approval to commercially develop two of three recent discoveries in the southern portion of Colombia, a company spokesman said. Garnet will receive world price for the production, which is ...
Heating oil prices weakening.
Jan 04, 1991; ... Heating Oil Prices Weakening Receding by as much as 1.24 cents on the East Coast, the national heating oil average lost more strength than gasoline, down 0.90 cents to 78.01 cents. Heating oil spent almost two weeks on the upswing, gaining 1.07 cents before slipping to ...
Environmental laws could cost oil industry $79 billion.
Jan 07, 1991; ... Environmental Laws Could Cost Oil Industry $79 Billion WASHINGTON -- Compliance with new and revised environmental statutes will cost the oil industry anywhere from $15 billion to $79 billion -- depending on the price of oil -- in additional exploration and production costs, a new ...
Peace talks drop oil prices.
Jan 07, 1991 ... Peace Talks Drop Oil Prices Crude oil prices dropped to a low of $24.15 Friday on the New York Mercantile Exchange, during a half hour of trade after technical problems halted activity throughout most of the day. Products prices also suffered - heating oil and unleaded regular ...
Demand decline likely to squeeze styrene margins.
Jan 07, 1991; ... Demand Decline Likely To Squeeze Styrene Margins DALLAS -- After three very good years, world styrene margins are almost certain to slip this year, industry sources say. Downward pressures is being exerted from two directions: capacity is increasing and demand is ...
Gulf Canada sells Caroline stake for $85 million. (Gulf Canada Resources Ltd.; Alberta gas field)
Jan 07, 1991; ... Gulf Canada Sells Caroline Stake for $85 Million OTTAWA -- Gulf Canada Resources Ltd. has found its first buyer in a Canada-wide asset sale designed to lower its long-term debt and keep it in the $4.4 Hibernia offshore megaproject. Calgary-based Shell Canada Resources ...
National Convenience Stores adopts 'leaner-is-better' strategy.
Jan 07, 1991; ... National Convenience Stores Adopts `Leaner-is-Better' Strategy National Convenience Stores, unlike other financially-strapped c-store giants, is riding out a shakeout in the specialized food and fuels industry rather well by doing more with less. Circle K and the ...
Restraint amid the robust flavors 2 analysts' 4th quarter forecasts. (Eugene L. Nowak; George F. Friesen)
Jan 07, 1991; ... Restraint Amid the Robust Flavors 2 Analysts' 4th Quarter Forecasts NEW YORK -- Wall Street oil analysts are finding it difficult to show restraint with the prospect of good fourth quarter earnings in the companies that they cover. "Robust" is the adjective Eugene L ....
Panhandle Eastern begins reorganization.
Jan 07, 1991 ... Panhandle Eastern Begins Reorganization HOUSTON -- Panhandle Eastern Corp. is beginning a reorganization that will structure the company around two principal business units. The reorganization, which includes new officer appointments effective today, is designed to make the ...
Production start set for Dutch North Sea Block.
Jan 07, 1991 ... Production Start Set for Dutch North Sea Block RIJSWIK, The Netherlands -- Oil and gas production in a Dutch section of the North Sea, about 220 kilometers north of the port of Den Helder, is tentatively scheduled to start sometime in 1993, Nederlandse Aardolie Maatschappij said. ...
Goetz Energy gets import-export rights. (natural gas)
Jan 07, 1991; ... Goetz Energy Gets Import-Export Rights WASHINGTON -- The Department of Energy has conditionally authorized Goetz Energy Corp. to export natural gas to Canada from Michigan and import the fuel from Canada to New York. DOE's fossil energy office issued a conditional order ...
Heating oil prices weaken.
Jan 07, 1991; ... Heating Oil Prices Weaken Wholesale heating oil postings plunged more than 2 cents Friday, as sources expected further cuts this week ahead of scheduled peace talks. The national average of rack No. 2 oil postings dropped 2.2 cents Friday to 76.01 cents per gallon, ...
Peace moves drop oil prices.
Jan 07, 1991; ... Peace Moves Drop Oil Prices Crude prices fell throughout the week, reaching their lowest point Friday on news that a meeting had been set between Iraq and the U.S. However, technical problems on the New York Mercantile Exchange stopped U.S. futures markets from reacting to falling ...
DTW averages fall further. (dealer tankwagon gasoline prices)
Jan 07, 1991; ... DTW Averages Fall Further With regional decreases ranging from 0.22 to 3.69 cents, national dealer tankwagon averages faded to lows not seen since the week of Aug. 10. At 83.1 cents, unleaded was 0.2 cents over the average for Aug. 10, but mid-grade at 86.7 cents and ...
Saudi ambassador denies oil price hikes mean financial 'windfall' for kingdom. (Bandar Sultan)
Jan 08, 1991; ... Saudi Ambassador Denies Oil Price Hikes Mean Financial `Windfall' for Kingdom WASHINGTON -- Saudi Arabia has not received a net financial windfall from higher oil prices following Iraq's Aug. 2 invasion of Kuwait, the Kingdom's Ambassador to the United States says. ...
20 percent hike in spending for '91, Chevron says.
Jan 08, 1991 ... 20 Percent Hike In Spending for '91, Chevron Says NEW YORK--Chevron will boost capital and exploratory spending in 1991 by 20 percent, or $800 million, to $5.1 billion, with much of the investment in projects that will help limit U.S. dependence on Mideast crude oil supplies, ...
Quick drawdown of SPR urged if Gulf war erupts. (Strategic Petroleum Reserve)
Jan 08, 1991; ... Quick Drawdown of SPR Urged If Gulf War Erupts WASHINGTON--Oil industry officials are recommending a quick drawdown of the Strategic Petroleum Reserve as the primary means of response if war erupts in the Gulf. The industry is looking to government action, primarily by ...
California panel delays decision on Arco plan to settle offshore dispute. (State Lands Commission)
Jan 08, 1991; ... California Panel Delays Decision on Arco Plan to Settle Offshore Dispute LOS ANGELES--The California State Lands Commission will postpone for another month any further action on a proposal by Arco to settle a legal dispute over offshore development by enhancing onshore production ...
Survey finds operators bullish on exploration. (oil and gas exploration)
Jan 08, 1991; ... Survey Finds Operators Bullish On Exploration DALLAS--U.S. operators have begun 1991 with more confidence than they began 1990, although their outlook for prices is not at all bullish, according to a survey by Petroleum Information. This year, 89 percent of the 149 ...
Oil prices up as U.S./Iraq talks approach.
Jan 08, 1991; ... Oil Prices Up As U.S./Iraq Talks Approach World crude futures price rebounded from last week's drop Monday, jumping $3.00 in reaction to hawkish statements from Saddam Hussein ahead of Wednesday's peace talks in Geneva. Crude futures hit their lowest levels since the ...
Saudi ambassador: crisis has not mean a financial windfall. (text of letter written by Bandar Sultan to House Armed Services Committee Chairman Les Aspin)
Jan 08, 1991 ... Saudi Ambassador: Crisis Has Not Meant a Financial Windfall As a new session of Congress opens, I want you to know Saudi Arabia's deep and continuing appreciation for all that the United States and especially its armed forces in that part of the world are doing to help meet Saddam ...