Word: gal
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Dates: during 2000-2009
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...also insists it's moving to trim costs and adjust to the new reality created by $4-per-gal. gasoline, including selling its Hummer brand. GM has also suspended design and engineering work on its next generation of pickup trucks and sport-utility vehicles as it waits to see how the market will shake out. LaNeve said in a recent interview with TIME that capital spending was a key reason the Hummer had to go. With the market shifting away from trucks, GM felt it did not have enough resources to support four distinct truck brands, and the Hummer...
...would still be unlivable without air-conditioning. In the longer run, people can buy smaller cars, insulate their houses and so on. Energy efficiency--the amount of energy required to produce a dollar of GDP--has actually doubled in the U.S. since the first energy crisis. And $4-per-gal. gasoline is clearly having a significant effect on energy...
...when he could have asked Americans to do almost anything in the name of fighting terrorism, to impose a $1.50 "War on Terror" tax on a gallon of gas (instead of squandering his gift certificate on invading Iraq). The price at the time was about $1.50 per gal., so this would have doubled it to $3. People would have screamed with pain, then started adjusting. Demand would have gone down, and today gas would probably be selling for less than the $4 per gal. we're paying. Not only that, but $1.50 of that price would be staying here...
...while it looked like a boneheaded move. At the end of 1998, the price of oil fell below $10 per bbl. Regular gas sold for 90¢ a gal. While Internet billionaires were being minted to the right and left of him, Rainwater was getting poorer...
...nation struggles to cope with $4-a-gal. gas, what are we to make of Rainwater's decision? Is it a sign that the near doubling of oil prices over the past eight months is about to reverse itself? Does it mean we can all breathe big sighs of relief and go back to gassing up our Hummers with abandon...