Word: forli
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Dates: during 1970-1979
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Sales of cars would slide still farther. The biggest vehicles, which produce the fattest profits for manufacturers and dealers, would be the worst hurt. Small cars would increase their market share, which now is more than 50%. Among Detroit's Big Three, ailing Chrysler Corp. would fare the worst...
Other automakers would be better off. The conversion to small models would bring forth a prolonged spurt in capital investment by the manufacturers and their suppliers for tools, dies, entire new plants. Eventually sales would surge because drivers would feel an increasing need to switch to gas-saving cars. As...
More immediately, large segments of the nation would suffer from the decline in driving and in demand for cars. The old manufacturing centers of the Midwest and East-steelmaking Pittsburgh and Youngstown, tiremaking Akron, glassmaking Toledo, many others-rise or decline along with the fortunes of autos. St. Louis, Kansas...
For too long Americans have blithely assumed that rivers of cheap energy would flow through that economy like a magic elixir in endless abundance. But as 1979 has vividly demonstrated, the nation takes extreme risks if it does not curb its addiction to demon crude.
For the long term, it is vital to move forward rapidly to develop every alternative energy source, from coal and shale to wind, waves and the sun. Meanwhile, conservation of existing supplies is indispensable, and politicians would do well to face the issue. Concludes Milton Lipton, president of the leading...