March 30, 2005
SUV'S ARE ROLLING DOWNHILL
America's love affair with the SUV is fading as gas prices continue to rise. Sales of full-size SUVs fell 21 percent last month and 31 percent in January according to a study released Monday by Power Information Network - Post-Gazette
Declining sales for full-size SUVs through February:
Chevrolet Suburban: -37.8%
Hummer H2: -32.6%
Ford Expedition: -24.4%
Toyota Sequoia: -14.4%
Meanwhile, sales of hybrid gasoline-and-electric vehicles are creeping up. - Baltimore Sun
NEWS UPDATE, April 1, 2005
Oil Jumps Above $55 After Spike Alert (Reuters) - Oil prices tracked higher on Friday, firmly planted above $55, supported by a forecast that the market could spike to $105 and by concerns that U.S. gasoline supplies may fall short to meet peak summer demand.
Why Are Oil Prices So High?
BBC News lists a number of reasons, among them:
- SUV's
US demand has risen because of (...) greater need for higher grade crude oil suitable for processing into petrol (gasoline) for the fuel-hungry Sport Utility Vehicles (SUVs) popular with US drivers.
- The War In Iraq
Iraqi exports have been cut by sabotage attacks on oil facilities. The reduction in supplies has been relatively modest but it has caused some doubts about Iraq's longer term prospects of becoming a large and stable oil exporter.
With oil prices continuing to rise, the Hybrid vs. SUV controversy will likely heat up over the summer, potentially triggering an important national debate that may bring many relevant issues to light. As environmental director, Russell Long, says in the BBC article, "Environment drives Hummer vs Hybrid row, "Guys who drive Hummers need to understand those vehicles are symbolic of what is wrong with this country."
Posted by Diana at March 30, 2005 08:38 AMIt's high time something like this happened!
Posted by: Sara at March 31, 2005 08:22 AMYes indeed.
But it was inevitable with the war in Iraq. War brings uncertainty in the market. People think the price of oil is a supply & demand issue. That's only part of the reason prices are soaring. The real reason is speculation. Oil traders drive the price during periods of uncertainty. As long as the U.S. remains in Iraq and insurgents try to disrupt oil pipelines, prices will go higher, and that spells doom for the SUV's as well as for the economy overall (the DOW dropped today on news oil prices could spike to $105). But this is
good news for the environment as people are forced to find alternatives, such as hybrid cars.
Wow, look what you've started :)
Posted by: diana at April 1, 2005 09:20 AM
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