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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who started this subject11/21/2002 11:19:33 PM
From: elmatador  Read Replies (2) of 74559
 
Holy wrath descends on gas guzzlers

By Jeremy Grant in Chicago and Demetri Sevastopulo in Washington Published: November 20 2002 20:31 | Last Updated: November 20 2002 20:31 .

Senior US religious leaders on Wednesday descended on Detroit, the car capital of the world, to demand that the "big three" automotive groups build more environmentally friendly cars and stop "blowing second-hand smoke to God's creation".

Bishops, Jewish activists and evangelical Christians gathered opposite the headquarters of General Motors and appealed to the motor industry to "take up the moral challenge" of buildi ng fewer gas-guzzling sports utility vehicles (SUV) and bringing about a radical shift in consumer preferences.
Launching a nationwide TV advertising campaign dubbed "What would Jesus drive?", one group urged Americans to "obey Jesus in your transportation choices".
The Evangelical Environmental Network, based in Pennsylvania, said vehicle pollution was having a significant impact on human health "and the rest of God's creation" and urged carmakers to help reduce US reliance on imported oil.
The groups then threaded their way across Detroit in a motorcade of vehicles. Many were chauffered by nuns, driving Toyota's Prius, a hybrid fuel- and electricity-driven car. The activists were scheduled to hold meetings with senior executives at GM and Ford.
The day-long event, organised by an umbrella group known as the Interfaith Climate and Energy Campaign, comes amid a continuing backlash in some parts of the US against SUVs, which remain the best selling vehicle in the country.
It also comes as the Bush administration is considering proposals that would force carmakers to build vehicles to higher standards of fuel efficiency than currently mandated.
Detroit is watching the issue closely because any change in vehicle design that may be required would be costly and would coincide with unprecedented cost- cutting in an industry burdened by over-capacity.
The National Highway and Traffic Safety Administration has sent a draft proposal for new standards to improve fuel efficiency for light-duty vehicles, including the popular SUVs, to the White House Office of Management and Budget.
The final plan, which is part of an annual process to examine fuel efficiency standards, is expected to be approved by April 1. The NHTSA submitted its proposal after hearing submiss ions from groups ranging from the carmakers and industry lobbyists, to environmental groups and the National Academy of Sciences.
"An annual improvement of half a mile per gallon over three years is not in itself a very significant change," said Paul Portney, who chaired a National Academy of Science committee study into fuel efficiency. The NAS committee concluded that carmakers could achieve 25-40 per cent improvements in fuel efficiency.
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