GM is apparently worried that once-again it has called a trend’s peak by making a major shift in strategy. Now that it has begun embracing high-efficiency cars, gas prices are at 19-month lows:
With the price of oil at its lowest level in 19 months, we run the risk of reverting back to our traditional energy policy,” Mr. Wagoner said in a speech at the Automotive News World Congress in Dearborn, Mich., last week. “That is, relying on the lowest-cost energy available on world markets (including imported oil), without providing adequate support for developing alternative sources.”
When the head of the world’s largest car maker — and the leading marketer of large sport-utility vehicles in America — complains that oil is too cheap, you know the U.S. energy debate is headed in a new direction.
Sure, and you know that GM is worried that it has once again missed its moment.