Word: gal
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Dates: during 1970-1979
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...have to choose between gasoline at a higher price with no waiting and no bribes, or gasoline at 900 per gal. in one-to two-hour lines two to three times a week, I will choose the former...
...wholesaler, who adds a margin averaging 4?. The retailer is then allowed the same margin he got in 1973, plus a 3? inflation increase, a pass-through allowance for higher rental costs and a further price boost for antipollution requirements. All that adds up to about a dime per gal...
Many gas stations, however, simply ignore the legal prices. The DOE guesses that about half the gas now sold is above the official ceiling. Prices have ranged from the official rates of around $1 to as high as $1.70 per gal. at a few stations in New York City and Boston. Some station owners have justified these rates by saying that they had to pay more than $1.25 to wholesalers, but most were charging what the market would bear-i.e., a black market. The major oil companies are not involved in the black market. "We have too many auditors...
...House in May rejected the President's stand-by rationing plan, but it offers some clues to any future program. Car owners would get ration coupons and could sell unused coupons on a "white market" at any price; each car would be allotted about 50 gal. a month, though the totals would vary by state; no more than three cars in each household could receive coupons; extra rations would be given to police cars, ambulances, taxis, farm tractors; heavy recreational vehicles would get nothing...
...ration by price," that is, to free the market and remove gasoline price controls. President Carter has the authority to do that, subject to congressional veto. Decontrol would cause a political storm because prices would immediately rise. Some experts warn that gasoline would soar to $2 a gal., but free market advocates argue that long-term prices would go up much less, by perhaps a few cents or a dime a gal. In any case, three facts are most significant. First, a free market unquestionably would reduce demand by raising the cost. Second, the price would still be lower...