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Automakers are scrambling for more small and fuel-efficient cars and hybrids as sales of once popular trucks and sport utility vehicles evaporate under the weight of rising fuel prices. "This was a watershed month," says Jim Farley, Ford Motor Co.'s group executive for marketing and sales, following news that the company suffered another huge drop in trucks sales in May. Trucks and sport utility vehicles accounted for 47% of Ford's sales as recently as February but only 34% in May, as consumers opted for compact and subcompact passenger cars. General Motors is adding a third shift...
...demand for hybrid batteries will only grow. GM Chairman Richard Wagoner says his company plans to have eight hybrid models on the road by the end of 2008. "Our view is today's levels are a far more accurate prediction of where fuel prices are going to be in the future," he says. "It appears we have reached a tipping point. Global demand is ahead of global supply. Certainly it looks like the energy demand is going to grow." Honda, which posted record sales in May thanks to the popularity of its compact Civic, also is amping up the production...
...therein lies the danger, for people and governments will begin once more to neglect the energy issue and ignore pleas for continued conservation. True, gains have been made that will not easily be reversed. No one, for example, is about to rip insulation from walls or trade in a fuel efficient compact for an oversized gas guzzler. But efforts to find alternative energy sources will diminish and conservation policies in general will take on less urgency...
...sending all taxpayers a tax rebate going to get us to do what the government wants us to do and spend more? Is the current plan optimally designed to achieve the government’s goals? Is sending people a tax rebate the best way to fuel the economy...
...world of increasingly constrained fossil fuel supplies, the only way to achieve lower prices will be through new policy that promotes the development of alternative energy - like cap and trade. But figuring out how to assemble a political coalition that understands the argument and shows deep support for climate change action - that will be the real challenge, long after Warner-Lieberman has been sent to the legislative graveyard...