Word: gal
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...Bush's admonition to show restraint at the gas pump. In fact, while oil prices at the end of last week stood at about $33 per bbl., or 65% higher than they were just before Iraq invaded Kuwait, average U.S. gasoline prices were only 31% higher, or $1.38 per gal. for unleaded regular. Said Holly Hutchins, a spokesman for Shell Oil: "We gave up a considerable amount at the pump to meet the President's request...
...taxes. Democratic majorities on the appropriations committees began filling in the blanks of a vague plan to cut $500 billion from the deficit over five years. But they took time to lard their proposals with the usual favors for vested interests, such as imposing a 9 cents per gal. fuel tax on railroads at the behest of the rival American Trucking Associations...
...That attack dovetailed with a surge of protests aimed at the excise tax increases, particularly the 10 cents per gal. on gasoline -- never mind that the U.S. is involved in a gulf crisis partly because of its failure to use energy prudently. Word that there would be a tax break for the wealthy also prompted indignation. The offices of some lawmakers received hundreds of calls protesting the measures. Radio call-in programs got a similar response. At radio station WGST in Atlanta, all three talk shows buzzed with listeners' indignation. Said producer Nancy Zintak: "I haven't heard people this...
...spot rate of $37 per bbl. at the end of last week. America's monthly bill for imported oil has risen in proportion, to an estimated $7 billion, with the increase acting as a depressant on the economy. The price of regular unleaded gasoline has climbed 27 cents a gal., to $1.35, since early August. At these price levels, the heating-oil bill for the average Northeast homeowner could rise 50% this winter, to an estimated $1,200. The most immediate threat is an outbreak of war in the Persian Gulf, which could send oil prices into...
...weak carriers may fail. Eastern, already in bankruptcy, is losing $1.5 million a day, about 50% more than a few months ago. A prime reason for the accelerating losses, says Eastern trustee Martin Shugrue, is the rise of jet-fuel prices. The airline pays 96 cents per gal., up from 56 cents before Iraq's invasion of Kuwait. Last week Shugrue urged President Bush to form a task force to find ways to bring oil prices under control. Another money-losing carrier, Pan Am, is laying off workers and switching to smaller jets, while trying to sell its shuttle...