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peel out

v.

hot-rodders' slang, 1952, perhaps from peel "blade or wash of an oar" (1875, American English), earlier "shovel-shaped instrument" (see peel (n.2). Or it might be from aircraft pilot phrase peel off "veer away from formation" (World War II), or from earlier American English slang peel it "run away at full speed" (1860).

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Online Etymology Dictionary, © 2010 Douglas Harper