Word: gal
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Since January, gasoline prices have risen by about 45%, to a current national average of $1.01 per gal. Daniel Lundberg, whose Lundberg Letter is widely regarded as the most reliable gauge of gasoline marketing trends, figures that prices are poised to jump to $1.18 per gal. by year's end, a startling 17% rise in a little more than a month. Reason: with the troubles in Iran, big industrial users of oil as well as gasoline will now begin building up their stockpiles and tightening the market, sending prices soaring. That will put a pinch on the already strained...
...prices and mortgage rates. Kahn argued that inflation will not be brought under control so long as OPEC continues raising the cost of crude and the U.S. remains dependent on foreign oil. As a means of lessening that reliance, he said, the Administration had been considering a 500 per gal. gasoline tax and even gasoline rationing...
...exports. Spot traders began desperately scrambling to buy spare cargoes. In Rotterdam, prices ticked up almost by the hour. In New York City, some sellers were demanding an astronomical $47 to $48 per bbl. Though heating oil is retailing in New York at about 850 per gal., spot market imports of the fuel were going for $1.10 per gal., while gasoline imports were trading at $ 1.20 to $ 1.25 per gal...
...fuel, which cost 25? per gal. in 1970, is now 70? and rising fast; today fuel accounts for about 30% of an airline's operating costs, up from 16% only two years ago. Having earned more than $1 billion in the first nine months of 1978, the industry cleared only $580 million in the same period this year, and all carriers are scrambling to cut costs. TWA has laid off 2,500 employees; and United, which was grounded by a long strike last spring and is now being hurt by passengers cashing in and flying on half-fare coupons...
...grenades, but I believe in having a year's supply of food." Jack Elkins, a nuclear-weapons physicist from Oak Ridge, Term., got so fired up at the June festival that he went home and invented a home oil refinery. It is about the size of a 55-gal. oil drum and, he says, can refine crude oil into gasoline and home heating oil at the rate of 12 gal. of each a day. The cost is slightly higher than retail: "This is not something you'll use to save money, but in an OPEC emergency...