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Tuesday, June 03, 2008

Good thing about high oil price

From WSJ today:
General Motors CEO Rick Wagoner said the company plans to cease production at
four North American plants that build pickups, SUVs and medium-duty trucks
amid
the sharp rise in oil prices and the "significantly more difficult" auto market.
The company plans to fund its Chevy Volt electric vehicle for commercial
development and hold a strategic review of its Hummer brand. Auto makers are
scheduled to post monthly sales results later today.