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With the U.S. economy in slow-growth / no-growth mode, domestic demand for autos has been low, as predicted. However, almost on cue, demand for smaller vehicles has been robust.That cue is $4 gasoline, The New York Times reported Friday. Or, as one Harrison, N.Y. resident called her monthly gasoline bill, "My car payment in addition to my car payment."
A 60-70% increase in gasoline prices in the last two years has led to a large increase in demand for small cars and hybrids, The Times reported, with limited supply of some of the most-preferred models creating further frustration for automakers and purchasers alike.
The more things change...
Economist Glen Langan said a great deal has changed during the time between the last oil shock in 1979-80 and today's oil shock: long hair for men is out, as are bell-bottom pants, and album-oriented rock (mainly because there are no more record albums). One thing hasn't changed: U.S. automakers, once again, "were dramatically under-prepared for the high gas price era."
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