Word: diesel
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...wave of collapsing oil prices might not have crested yet, but it is already having profound effects on U.S. consumers and businesses. The most immediate result is dramatic cuts in the prices of gasoline, heating oil and diesel fuel. When it comes to oil-based products, ranging from plastics to pesticides, the effect will be more gradual and unpredictable. And the saving in the energy-cost component of virtually every kind of manufactured goods will be even more subtle. Ultimately, though, the U.S. is headed for a sweeping shift in the way Americans spend their money, as dollars saved...
...trucking industry, which hauls about 75% of the nation's goods, projects that lower diesel-fuel costs will save it $7.7 billion this year. Bus lines and local transit systems will benefit as well. Theodore Weigle, executive director of the Chicago Regional Transportation Authority, estimates that the decline in diesel-fuel prices could save his agency as much as $7 million in 1986. But for American railroads, the oil-price drop is a mixed blessing. The good news is that most U.S. freight trains are diesel powered; at Norfolk Southern Corp., in Norfolk, Va., for example, executives expect that saving...
Farmers have a lot to gain from the oil-price slump. Agriculture absorbs 3% of all energy consumed in the U.S. each year--for diesel- and gasoline-powered machinery, for petroleum-based fertilizers and pesticides, and for pumps used to lift and distribute irrigation water. With spring planting on the way, the timing of the oil-price collapse is, from the farmer's point of view, well- nigh perfect. Diesel-fuel prices have dropped so far this year by anywhere from 23 cents to 30 cents per gal., to as low as 50 cents. Costs are expected to come down...
Earle Gavett, director of the Department of Agriculture's Energy Office, estimates that farmers will save $1.1 billion on gasoline and diesel fuel this year. The amount that individual farms will save, says Mike Pieschel, president of the Farmers & Merchants State Bank in Springfield, Minn., "is not by itself going to prevent any farmer from going under. But it sure as hell is going to have an impact" in reducing the cost squeeze for some growers. Salesmen of tractors and combines are less sanguine. Says Cletus Chappell, co-owner of C&W Equipment Co., of Jerseyville, Ill.: "The savings will...
...holding a sale, tentatively scheduled for April 1988, of oil and gas leases on up to 229 tracts off Northern California. This could be the first of five sales of California leases. Many Californians fear that more offshore leasing would mean beaches blackened by spills, increased air pollution from diesel-powered pumps, and other health and environmental hazards. Fishermen claim that increased drilling activity would disrupt their $1.25 billion industry and that pollution would harm feeding and spawning grounds. Businessmen dependent on the state's $31 billion tourism industry fear that the mere sight of oil rigs along stretches...