The problem is that the automobile companies are not independent entities capable of pursuing their own interests. Rather, they are owned and controlled by organizations that are much more heavily invested in oil.
Sentiment: NEGATIVE
If the auto companies were free agents, they would act to break the fuel monopoly that is so damaging to their own interests and those of their customers. But they are not, and so they won't.
We all know we have a problem, a broad problem. Ninety-eight percent of the fuel that is used by our vehicles, our autos and trucks for personal and commercial purposes, for highway and air travel operates on oil. The world has the same problem.
The oil areas have a big problem digesting the oil. There's too much money, and the people don't know what to do with it. I'm finding all the time that we have more industries and more success stories which are not involved with oil.
The unions and the auto companies have been unable to put a deal together that fundamentally restructures the industry. It needs to get done. The only way it's really going to get done is in bankruptcy court. They should have done it six months ago they should do it now.
The problem with the auto industry is layered upon the lack of consumer confidence. People are not buying cars. I don't care whether they're or American cars, or international cars.
We need a number of solutions - we need more efficiency and conservation. Efficiency is a big one. I think car companies need to do a lot better in producing more efficient cars. They have the technology, we just need to demand them as consumers.
The reason that the unions and the other stakeholders have not cut a deal with the automakers is because they believe the federal government is going to bail them out.
We need to drastically reduce the importance of the petroleum game itself by enacting flex-fuel-vehicle legislation that will open the transportation market to fuels derived from non-petroleum sources.
Folks, you're the reason that the automobile industry is back. Whether it was the wage freezes, the plant closures, folks, you sacrificed to keep your companies open. Because of your productivity, the combined auto companies have committed to invest another $23 billion in expansion in America.
There is no reason why, with the huge potential for market out there in the world for fuel-efficient vehicles, we can't be the cutting edge for change.