Reuters, 04.11.03, 1:23 AM ET NEW YORK, April 11 (Reuters) - Baker Hughes Inc, the world's third-largest oilfield-services company, on Friday forecast a first-quarter profit shortfall due to business interruptions from civil unrest in Nigeria and war-related delays in the Middle East. The Houston-based company said it expects to post a quarterly profit from continuing operations of between 13 cents and 14 cents a share. According to research firm Thomson First Call, Baker Hughes was forecast to report, on average, a first-quarter profit of 19 cents a share, on estimates ranging from 17 cents to 22 cents a share. A year ago, Baker Hughes reported a first-quarter profit of 22 cents a share. The company also cited the impact of ongoing weakness in activity in the U.S. Gulf of Mexico and the North Sea, incremental pressure on pricing and slower than expected resumption of industry activity in Venezuela. Baker Hughes shares closed up 78 cent, or 2.63 percent, at $30.39 on the New York Stock Exchange on Thursday

URL Home Improvement Betsy Schiffman

Even though oil prices fell to below $28 a barrel on April 10, off of a high in late February of nearly $40, Americans are more energy conscious this spring than they have been in years. On the heels of the "my SUV is bigger than yours" years, recent high gas prices have been painful reminders of how much it can cost to heat one's home and fill one's tank.

Once again--or at least until prices at the pumps dip low enough--public attention is focusing on the cost of energy. As it does every time prices go up, there are growing murmurs about alternative fuel sources, ending dependency on Mideast oil, conservation, etc., etc. In the past these murmurs tended to subside with the return of low gas prices--but there could be a genuine hope that the current war might inspire more long-term changes on both a national and a personal basis.

Even if the war in Iraq is wrapped up quickly, experts maintain that it could be as much as several years before its oil network is brought back online. Moreover, continued political uncertainty in Venezuela and civil unrest in Nigeria have contributed to a depletion of global oil reserves and prices--so there's no guarantee that prices will stay down indefinitely. (There never is.)

So it's not a bad idea to start saving money on fuel at home now. Unfortunately, many at-home energy conservation solutions involve expensive or complicated equipment that most Americans don't need--or know what to do with. In many instances such devices may not pay for themselves in energy savings for years. However, there are many ways of conserving fuel that don't cost homeowners thousands of dollars.

Washington might be able to provide some help too. Last month Illinois Republican Rep. Jerry Weller introduced legislation called the "Save America's Valuable Energy Resources Act of 2003" that proposes allowing home builders/owners to obtain tax credits for building energy-efficient properties or improving energy efficiencies of existing structures.

We asked several experts for low-cost tips to conserve fuel at home and we found that you don't have to go into debt to reduce your energy costs. After all, it's hard to justify spending thousands of dollars (and in some cases, tens of thousands of dollars) to save what may be a negligible amount of money in energy savings.

High-end energy-efficient appliances, for example, are environmentally friendly--and they may actually pay for themselves over the long-term, but they're not for everyone. They're often the most expensive models on the market and, depending on each household's energy usage, they could take years to pay for themselves. There are, however, some inexpensive easy things that everyone can do. Here are some low-budget tips that could save you money.

Windows There's no way of avoiding the fact that windows simply aren't energy efficient. Cold air leaks through in the winter and heat comes in during the summer. Even window replacements--considered a highly efficient way to insulate the home, thus cuttting down heating costs--don't always pay for themselves. Remodel Magazine's 2002 Cost Vs. Value report (an annual study that looks at the average cost of remodeling jobs and the percentage of costs that may be recouped) found that on a national average, homeowners that replaced ten 3-by-5-foot double-hung windows spent on average $15,502 for an upscale job--and 77% of that cost was recouped in the resale value of the home. (Although, if one were to throw energy savings in the mix, the percentage of costs recouped could climb up slightly.)

"There's no doubt that new windows or storm windows will save energy," says Larry Spielvogel, a consulting engineer for trade group American Society of Heating, Refrigerating and Air-Conditioning Engineers. "The concern becomes the amount of money saved relative to the cost of installation. Windows tend to be expensive to begin with and they are expensive to install."

Spielvogel also says that, in general, windows are massive energy suckers. Even the most efficient windows lose about ten times as much heat as a wall. So apart from removing all the windows in one's house, how can the average homeowner lessen window-related energy losses? Try weather-stripping all doors and windows. Weather-strip or weatherseal tape closes up cracks and crevices where cold air could be leaking in. Although it's not a permanent solution--it should be replaced every few years--it is very inexpensive to do, even if you hire a contractor to do it, and helps insulate the house. In fact, one package of ten feet of foam weather-strip should only cost a couple of dollars.

Air-Conditioning/Heating System Perhaps the easiest, least expensive and most effective thing homeowners in cold climates can do is replace their heater/air-conditioner thermostat. A basic thermostat can cost as little as $20 and a fancy programmable thermostat only costs $100. A thermostat may last up to 20 years--and could deliver up to 35% in annual energy savings. A high-end thermostat allows homeowners to program the thermostat to start and stop at certain times and, depending upon your heater and home, if you can install zone valves, you might be able to zone off the parts of the house that aren't being used and don't require heat/air-conditioning. Although wood stoves seem like an attractive alternative, they're hardly environmentally friendly--and for folks living in Western states, they may even be banned or there may be restrictions for usage.

Seeing how air-conditioners often account for 20% of energy usage, it's an important appliance to draw efficiencies from. An older air-conditioner can be made more efficient without being replaced. About 70% of all air-conditioning systems are retrofitted--that is, people upgrade existing systems rather than replace an entire system, according to Eric Evans, the vice president of air-conditioning at Copeland Corporation, a division of St. Louis, Mo.-based Emerson Climate Technologies (nyse: EMR - news - people ). An old air-conditioner may not be retrofitted for everything, however: For example, it may not be possible to upgrade an older air-conditioning system for zoning (zoning off different parts of the house at different temperatures).

The important thing to consider when looking at new air-conditioning systems is the compressor. Although a compressor can be replaced, they tend to be expensive. An efficient air-conditioner compressor, however, could reduce energy usage by 15%. One thing most air-conditioning users might do, if they can, according to Scott Ceasar, vice president at engineering firm Cosentini Associates, is install a $300-to-$400 air-conditioner soft starter (which limits the voltage used by starting the motor in a softer, slower mode). It could pay for itself in energy savings quite quickly--depending, of course, on whether one lives in a warm climate and how often the air-conditioner is used. Spielvogel also recommends insulating air-conditioning ducts or heating pipes to prevent energy from being lost

Water Heater One of the biggest energy suckers in the home is the water heater. On average, it accounts for between 15% and 25% of household fuel costs. If an annual fuel bill, for example, is $1,000, the water heater is responsible for between $150 to $250 of that. Replacing an existing water heater with something substantially more expensive (several thousand dollars) may cut down fuel usage, but it could take a long time before the energy savings cover the premium cost. What one can do, however, to reduce water-heating costs is install water-efficient fixtures, such as low-flow showerheads, which only spray 2.5 gallons per minute as opposed to the four gallons per minute. Also, Spielvogel suggests buying a water-heater jacket--which should only cost about $15 to $20--to insulate the heater and prevent energy losses.

Also, if the homeowner lives in a warm climate where the swimming pool is a central part of the home, a solar pool heater could pay for itself quite quickly. One homeowner told us, anecdotally, that while living in Florida he spent about $200 a month heating his pool and Jacuzzi. He took the plunge and bought a solar pool heater for several thousand dollars--and after two years it paid for itself.

Reuters, 04.11.03, 7:12 AM ET By Sujata Rao

LONDON, April 11 (Reuters) - Oil prices eased on Friday as U.S. troops took control of Iraq's northern Kirkuk oilfields, ending any lingering concerns about the status of Baghdad's vast petroleum wealth. The capture of Kirkuk, capable of pumping 900,000 barrels per day (bpd), leaves U.S.-led forces protecting both Iraq's northern and southern fields. London Brent fell 32 cents to $24.15 a barrel. U.S. light crude dipped 36 cents to $27.10. "All the worries about the safety of Iraqi oil have evaporated," said Peter Gignoux, head of the London energy desk at Citigroup. "Iraq had contributed so much to a war premium on oil prices and now, in a dramatic role reversal, is contributing to a peace discount." Prices have fallen 10 percent since the war started three weeks ago as fears receded of a prolonged conflict, with major damage to Iraqi oil facilities. Some analysts think even cheaper crude could come with lower seasonal demand in the second quarter and rising production from Nigeria and Venezuela after stoppages. "With all the Iraqi oil facilities now in allies' hands, there seems to be no threat to medium or long term Iraqi supplies and the market is marking that down," said John Waterlow, oil analyst at Wood Mackenzie in Edinburgh. "I think there is more downside to the market."

OPEC DEFENDS PRICE OPEC though has other plans. The producer group is expected at an emergency meeting late this month or in early May to curb production to defend its $25-a-barrel price target. "OPEC's current production rate is creating a tidal wave of crude oil that cannot all be absorbed by current and even rising demand," said Aaron Brady, senior analyst at Boston-based Energy Security Analysis Inc (ESAI). OPEC could decide just to rein in extra supplies it pumped before the war, or go further and cut official production quotas. "What we have said is that OPEC will discuss all options: cutting production, adhering to quotas and all these options to stabilise the market to remove two million plus," OPEC President Abdullah al-Attiyah said on Thursday. The cartel for March was estimated pumping about two million bpd above official production limits of 24.5 million bpd. The International Energy Agency, adviser to consumer nations on energy, on Thursday said it saw a backlog of extra OPEC crude waiting to reach importing countries in the second quarter. "With Venezuelan production recovering, the long-expected overhang of crude is starting to show up in U.S. inventories, which have risen almost 11 million barrels in the last three weeks," Boston's ESAI said.

<a href=www.upi.com>Asociated Press

Indumar Seafood Corp. of Weston, Fla., recalled 16-ounce plastic containers of Caribe fresh crab claw meat imported from Venezuela because it may be contaminated with Listeria monocytogenes.

The recalled product was available for purchase between March 18 and April 10, and distributed to retail outlets in Georgia, Texas, Pennsylvania, Maryland, and New York.

The crab meat is packed in clear plastic containers with blue printing. They have no code numbers or expiration dates.

The company said it had received no reports of illness.

The problem was discovered through routine sampling by the Food and Drug Administration.

Consumers are advised to return the product to place of purchase for a full refund.

Stuff 11 April 2003

LONDON: Oil prices dropped yesterday as the rapid fall of Iraqi President Saddam Hussein in Baghdad kept pressure on prices in what traders called a bearish market.

Also weighing on markets was a report from the West's energy watchdog, the International Energy Agency, saying a "wall of crude" is poised to reach importing countries in the second quarter, the weakest period for demand.

Scenes in central Baghdad of thousands of jubilant civilians defacing pictures and toppling statues of Saddam, coupled with streets filled with US tanks and devoid of Iraqi police beamed around the world on Wednesday, fuelled the belief that Saddam's rule had ended in the capital.

"Iraq is still the main news in the markets," said Christopher Bellew of brokers Prudential-Bache International.

US light crude oil on the New York Mercantile Exchange slipped 59 cents to $28.26. London Brent blend was down 47 cents to $24.78 in thin electronic trade.

In Iraq, US forces continued to attack forces loyal to Saddam, having taken central Baghdad with little resistance.

The BBC reported that US-based Kurdish forces had taken the key northern Iraqi oil city of Kirkuk without a fight on Thursday. A spokesman for the Kurdistan Democratic Party told Reuters they were still making checks on the situation.

Oil markets appear to have accepted a US victory in the battle to unseat Saddam, with the focus now shifting to how quickly Opec will move to restrain production.

Continued speculation that Opec will cut production quotas or simply reduce excess supply at a proposed emergency meeting kept prices supported, although a potential delay to the proposed April 24 date has limited its impact.

Opec President Abdullah al-Attiyah said several other dates were under consideration - April 28, May 3 and May 7.

Cartel linchpin Saudi Arabia has also told its global and Asian oil customers that it will continue to supply full contractual volumes next month, indicating any cut-back in production over quotas may have to wait until June.

Saudi Arabian Oil Minister Ali al-Naimi said on Wednesday that Riyadh was not considering cutting supplies for May ahead of the proposed Opec meeting.

Opec SIZES UP MARKET

The Organisation of Petroleum Exporting Countries had increased output this year to counter supply disruptions from Venezuela, Nigeria and Iraq - but now attention has shifted to a potential oil glut developing during the weak second quarter.

Opec-member Iran's oil minister said on state television world oil markets were over-supplied, but the head of the IEA said industial stockpiles needed to rebuilt.

The agency said in its monthly report that despite an apparent "wall of crude" heading toward importers' shores, a cut in Opec production now appeared "premature."

Opec at the proposed emergency meeting is expected at least to erase excess supplies of some two million barrels a day now being pumped above formal output limits of 24.5 million bpd.

Algerian Oil Minister Chakib Khelil said on Wednesday Opec would be able to achieve market balance just by complying with official limits without cutting quotas.

Leading Opec producer Saudi Arabia pushed output 1.5 million barrels a day above its official quota to help cushion the impact of the loss of Baghdad's 1.7 million barrels per day (bpd) of exports during the US invasion of Iraq.

US Vice President heightened expectations of a return of Iraqi oil to world markets, saying on Wednesday he expected Iraqi exports could reach as much as three million bpd by the end of the year. The Gulf State was producing about two million bpd last year, according to the US Energy Department.