Word: gal
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...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...
...overproduction drove prices so far down that at one point, a wooden barrel was worth twice as much as the oil it contained, according to Daniel Yergin's definitive tome on oil, The Prize. But as the oil boom took hold and the barrel size was set at 42 gal. (160 L), Pennsylvania's roads became clogged with horse-drawn wagons piled high with the containers, prompting construction of the first oil pipelines (made of wood) and leading 25-year-old John D. Rockefeller to form what became the Standard Oil Co. It would eventually control...
...million bbl. With daily world demand at about 85 million bbl., petroleum represents about a third of all international cargo. And even though the commodity is also measured in kiloliters (in Japan) and metric tons (in Russia), thanks to whiskey, the units are always converted to the 42-gal. barrel for trading and selling...
...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...