Word: lowered
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Dates: during 1980-1989
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...trucking industry, which hauls about 75% of the nation's goods, projects that lower diesel-fuel costs will save it $7.7 billion this year. Bus lines and local transit systems will benefit as well. Theodore Weigle, executive director of the Chicago Regional Transportation Authority, estimates that the decline in diesel-fuel prices could save his agency as much as $7 million in 1986. But for American railroads, the oil-price drop is a mixed blessing. The good news is that most U.S. freight trains are diesel powered; at Norfolk Southern Corp., in Norfolk, Va., for example, executives expect that saving...
Utilities, businesses, homeowners and others who still burn natural gas are winning lower costs as their fuel suppliers try to compete with oil. Consolidated Natural Gas of Pittsburgh says that its 1.5 million customers are already enjoying savings of up to 20%. If the price of petroleum keeps plunging, however, gas companies will be hard pressed to compete with fuel-oil dealers...
...Manhattan, estimates that many developers are saving up to $1 per sq. ft. in energy costs as a result of the petroglut. That is equal to anywhere from 25% to 50% of the total energy costs for many buildings. Residential home builders, who are enjoying the double benefit of lower interest rates and the oil-price cuts, are also feeling giddy. It did not seem coincidental that of the 20 biggest gainers on the New York Stock Exchange in the first quarter of this year, six were home builders...
...least not yet. One reason for the delay, says Joseph Bereswill, a spokesman for Celanese Corp., the Manhattan-based petrochemical firm, is that "it takes time for lower oil prices to be reflected in the thousands of products derived from oil." Agrees Paul Christopherson, an analyst for Bear, Stearns, a Wall Street investment firm: "The price of the paraxylene that Celanese uses to make polyester has just begun to weaken. It takes a while for the market to figure out how far down derivative prices must go." For Detroit, the big question is how the oil-price decline will affect...
...expert can predict exactly how the oil-price savings will filter through the rich complexity of the U.S. econ omy. Many companies will lower prices; others will increase workers' salar ies; some will fatten their profits. Adroit managers will try to do all three. But there is no doubt about the net result: Americans will have more money in their pockets, and they will be able to find fresh ways to spend, invest and enjoy their newly recovered wealth, at least...