If the US automobile industry ramps up its efforts to produce eco-friendly vehicles for the mass market, it could cut the nation’s gas consumption by 30 to 50 percent by 2035. That’s according to a new study by the Massachusetts Institute of Technology. But the study also asserts that the mentality of car consumers will need to change.
Retail gasoline prices dropped for the 34th consecutive day on Tuesday, hitting a summer low of $3.73 per gallon. Supply and demand curves in auto and gasoline markets are squeezing Americans between declining gas prices, reduced consumption (on pace to decline for the first time in 17 years), sustained interest in smaller cars, and rising nerves about when the price of gasoline could spike above $4 once again.
Kicking off what campaign advisors have dubbed "energy week," Barack Obama today called for an "end to the age of oil in our time." He backed up his trademark optimism with the most dramatic auto technology proposals of the 2008 campaign cycle. Obama said he hopes to see 1 million plug-in hybrid and electric vehicles on the road by 2015.
Speaking at the Plug-in 2008 conference in San Jose, Calif., Andy Grove, former Chairman & CEO, Intel Corporation, added his voice to the chorus of government and business leaders calling for electricity-powered vehicles and the mass deployment of plug-in hybrids. HybridCars.com spoke with Jon Lauckner, who is leading General Motors' effort to launch the Chevy Volt, about what it will take to turn such a plan into reality.
Former Vice President Al Gore wants the United States to shift its entire electricity sector to carbon-free power within 10 years—and use that power to fuel a new fleet of electric vehicles. Gore also called for the government to help “our struggling auto giants” switch to the manufacture of plug-in electric cars. But is the industry ready to make that switch?
In a speech at Fresno State University in California, Republican presidential candidate John McCain outlined a series of new proposals for dealing with the energy and environmental crises that figure to play a bigger role in this year's elections than ever before.
Unless you have limitless amounts of money to spend on gasoline, buying an SUV recently has proven to be a losing gamble on oil prices staying low. And the pain doesn't end at the pump—resale values of SUVs and light trucks have dropped precipitously with the increase in gas prices. Hybrid owners on the other hand, have seen their used Priuses' residual values go up just as dramatically as those of the gas-guzzlers have fallen.
General Motors CEO, Richard Wagoner, announced today that the company will shut down four North American plants in a move designed to shift production away from pickups and SUVs, toward smaller, more fuel-efficient vehicles. Wagoner said that the plan comes in response to a rapid change in consumer behavior tied to rising fuel costs, a trend that he did not expect to reverse soon.
President Bush visited Saudi Arabia on Thursday to beg the leader of the world's leading oil-producing nation to open the spigots—in an attempt to provide price relief at the gas pumps back home. But days before he arrived, Bush himself characterized the act as an empty gesture.
The Energy Department is projecting that domestic gasoline consumption will decline by about 190,000 barrels a day this year. Meanwhile, global oil demand is projected to rise by 1.2 million barrels per day. Where does that leave us?
