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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Sep 27, 2004
Page
9
Kent Cos parent of Kent Kwik will convert Permian Basin stores to Chevron Texaco branding for two weeks following the 2001 merger. The change renders old Kent Oil Shell and Shell Texaco credit cards obsolete. Julie Bixler says notices and taped messages at pumps aim to reduce customer confusion.
From AAA Texas Weekend Gas Watch, Tropical Storm Ivan pushes up national regular self serve gasoline to 1 838 a gallon and Texas state average to 1 777 a gallon, up three cents locally and 28 1 cents from last year. Dynegy plans to restate 2003 and H1 2004 earnings to reflect a larger write down tied to Illinois Power sale, while Halliburton restructures KBR amid asbestos litigation. Shell evacuates two Nigeria oil facilities, denying production disruption, as Amnesty cites up to 500 killed in Port Harcourt clashes.
Wall Street grapples with high crude as energy costs threaten profits and raise third quarter warning risks. Airlines trim flights, manufacturers face squeeze, and consumer spending dims while analysts split on oil’s true earnings impact.
Midland Texas Railroad Commissioner Michael Williams urged broad support for Texas to host a 1 billion dollar zero emissions FutureGen power plant. He argued Texas offers superior CO2 sequestration capacity and potential for enhanced oil recovery using captured gas, with the Permian Basin as a key site and multiple states competing for the federal grant.
Mutual funds account for about one fifth of U.S. household assets, rising from 1.07 trillion dollars in 1990 to 7.41 trillion in 2003. Net new investments reached 3.29 trillion, with 2003 showing a 43 billion net outflow as money moved to bank deposits. Despite outflows, fund values neared record highs due to underlying asset gains. Ownership spans 91 million people in 53.3 million households, reflecting broad diversification and continued inflows as markets recover.
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