The reductions will save the airline $350 million a year.
He estimated that the reductions would save the combined companies about $85 million a year.
In the long run, however, the reduction may not save Prudential any money.
The reduction would save the schools in the fund a total of $340 million.
Together, the reductions will save the bank more than $1.4 billion a year.
The reductions will save the industry £3m over the coming year.
She said the reductions would save about $5.65 million this year and other $25 million in 2004.
The governor said the reduction, to 25 cents, would save drivers $99 million a year.
The reduction would save residential and business customers about $700 million a year.
But this year the reduction will save the company only about $700 million, he said.