Word: gal
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...most people, it was just a downward-sloping diagram on the financial page, an abstract reminder of the mysterious world of desert oil wells, filthy-rich Arabs and the irritating antics of OPEC. But suddenly oil's new situation is hitting home with the wallop of a 42-gal. oil barrel dropped on the front porch. Last week consumers, businessmen and traders around the world watched in awe as the price of crude dipped below $10 per bbl. for the first time in almost a decade. Oil, which as recently as January was selling...
...windfall will go to motorists. As if to revel in that prospect, radio stations across the country last week offered cash prizes to the service-station operator who "bid" to sell his product at the lowest price. In Milwaukee, the Park Plaza Mobil station sold off 8,000 gal. of regular unleaded at 36.9 cents per gal. In Concord, Calif., the Sun Valley Auto Wash, a Chevron station, offered gasoline for .1 cents per gal., while in Diamond Bar, Calif., George Benitez's Shell service station went one better by offering for one day up to 30 gal. of regular...
...cents across the country, vs. $1.13 at the same time last year. Dan Lundberg, who puts out the Los Angeles-based Lundberg Letter on the gasoline industry, expects the price difference between this year and last for all types of gasoline to reach an average of 21.6 cents per gal. If that happens, Lundberg says, the U.S. will spend roughly $23 billion less for gasoline than last year's bill of $128.5 billion...
...slump in U.S. heating-oil prices from an average of 66 cents per gal. in January to 51.5 cents last month was worth an estimated $2 billion to consumers and businesses. The Washington Analysis Corp. projects that Americans could save as much as $12.5 billion on heating oil over the entire year...
Transportation industries can expect substantial relief. Commercial airlines, which used 12 billion gal. of jet fuel last year, could save around $120 million for every penny per gal. drop in fuel prices this year. In January jet fuel cost 80 cents or more per gal. Now some companies are buying it for 55 cents. Says Joseph Hopkins, a spokesman for Chicago-based United Airlines, which alone saves $20 million a year for every 1 cents fuel-price reduction: "We can take quick advantage of price breaks." Donald Burr, chairman of Newark-based People Express, now the fifth largest U.S. carrier...