FOR UNLEADED GASOLINEThe board of directors of the New York Mercantile Exchange voted to change its unleaded gasoline contract so that the maximum Reid Vapor

Pressure permissible on April 1991 contracts will be 9 pounds a square inch.

The vapor pressure standard measures the volatility of the gasoline, or the level at which it will vaporize and start an engine. In colder weather, a higher RVP is needed, while in warmer weather less volatile gasoline is used.

Between Sept. 16 and April 30, the Nymex contract follows Colonial Pipeline RVP specifications calling for a maximum of 13.5 pounds a square inch, and between May 1 and Sept. 15 it follows state law, which allows for a maximum of 9 psi.

The board also voted to amend the rules so that a buyer who nominates to take delivery on a September contract on or before the 15th would receive a product with no greater than 9 psi, regardless of the completion of delivery by that date.



PHILADELPHIA - The general manager of the Southeastern Pennsylvania Transportation Authority is urging commuters to support a bill before the state legislature that would permit gasoline tax revenue to be used for public transportation.

The bill would start the process of changing the state Constitution to permit the diversion of the gasoline tax moneys. About $1.5 billion in annual revenue is involved.

If the General Assembly does not take action by the end of the month, the gasoline tax option would be lost for two more years because of the constitutional amendment procedure, said Louis J. Gambaccini, SEPTA general manager.

SEPTA says that the restricted funding sources can be used only for highways and bridges.



MOBILE, Ala. - Mobil Exploration & Producing U.S. Inc., an affiliate of Mobil Corp., said Thursday it made an important natural gas discovery offshore Alabama.

Mobile's Outer Continental Shelf Block 823-A-3 well flowed natural gas at a rate nearly twice the previous record for the area.

The well, in 44 feet of water some four miles from Dauphin Island, tested natural gas at a rate of 62.3 million cubic feet a day, equivalent to more than 11,000 barrels of crude oil.

The previous record for an Alabama offshore well was about 36 million cubic feet a day.