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I think it means "pedal off coast" or coasting in gear with your foot off the pedal.
I think that you are better off coasting in neutral. It is true that in gear with your foot off the gas, you can use zero fuel (if you're above a certain RPM and your vehicle has a fuel injector cutoff feature), whereas coasting out of gear uses a little fuel to keep the engine running. But you lose speed faster in gear, and based on my observations, you end up using more fuel on the other end when you have to speed up again.
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