Word: gal
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Dates: during 1990-1999
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...resist the temptation to profit from a bad situation. Iraqi tanks had hardly arrived in Kuwait a week earlier when the majors started jacking up prices at gas pumps across the U.S. In the first four days, the price of self- serve, unleaded gas rose 7.1 cents per gal., according to an American Automobile Association (AAA) check of 1,400 stations. By last Friday prices were up an average of 18 cents per gal. Said a wholesaler: "Since this Kuwait thing, the price has been going up two, three, four times a day." No wonder Judy Bauer, a Chicago...
...imported into the U.S. are pegged to the spot prices set by commodity traders at the New York Mercantile Exchange, where the cost of oil floats up and down according to global supply and demand. Though spot-market prices for gasoline rose 20 cents per gal. in the first few frantic trading days after the invasion, DiBona pointed out, the major oil companies boosted their wholesale prices by only 12 cents during that period...
...this view of supply and demand failed to win much sympathy among motorists. In response to Bush's call for moderation last week, the oil companies began softening their stance. Texaco, BP America and Conoco said they would roll back gasoline prices by 1 cents to 4 cents per gal. Unocal, Amoco and Getty announced that they would freeze prices at the pump for a week or more, depending on conditions in the world markets. So for the moment, at least, the runaway price hikes that followed the invasion of Kuwait have been stopped in their tracks. But that...
More than a year after the Exxon Valdez spilled 11 million gal. of crude oil into Alaska's Prince William Sound, the U.S. still lacks the ability to cope speedily with such disasters. That shortcoming was dramatically illustrated last week when a Greek tanker crashed into three oil barges in the Houston Ship Channel near Galveston. Though Houston handles more crude oil than any other U.S. port, no fast-response cleanup team is stationed in Texas. By the time emergency crews from along the Gulf Coast arrived, 500,000 gal. of crude had leaked into the relatively shallow Galveston...
...moment, motorists may wonder where the bargain is. While crude prices have fallen from nearly $17 a year ago to about $13 per bbl. currently, the average price of regular unleaded gas has declined only about 4 cents per gal., to $1.08. The main reason gas prices have lagged behind the fall in crude is a shortage of U.S. refining capacity. Demand for gasoline has risen in recent years, but new refinery construction has been hampered by environmental protests and changes in tax laws. As a result, refineries have been reaping fat profits, a growing portion of which is heading...