Word: oiled
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...this green dream is hardly problem-free or environmentally perfect. First, if oil prices continue dropping, perhaps to last year's $60-per-bbl. mark, drivers may opt to keep their old cars, especially if the recession in the U.S. and Europe deepens and car loans get even harder to obtain. In debt and facing slumping sales, the auto industry is also competing against flush high-tech companies in Silicon Valley, which are also racing to perfect a lithion-ion car battery. What's more, the billions that the auto companies are spending in research could be squeezed during...
...Obama and McCain have vowed to do both. Obama has promised an ambitious plan to end Middle East and Venezuela oil imports in 10 years, partly by putting 1 million plug-in hybrid cars on American roads by 2015 and giving a $7,000 tax credit to each person who buys an electric car. McCain has offered a $5,000 tax credit for people buying pure, zero-emission electric cars (GM's Volt would not qualify), with a sliding scale of tax breaks for those buying low-emission vehicles. McCain says he would also give a whopping $300 million prize...
...survive the economic meltdown looks uncertain. In the presidential debate on Sept. 26, Jim Lehrer pushed Obama and McCain to name which programs they would need to drop during the recession. Pressed into answering, Obama said he would not abandon his program to make the U.S. independent of foreign oil but admitted that "there may be individual components that we cannot...
...there is one factor which is likely to press car companies into going green: all of us. So long as drivers tire of high oil prices (more than $8 per gallon in Paris) and feel real satisfaction at switching to cleaner technology, automakers are likely to oblige them with affordable electric cars. But should oil prices plummet, we could once again be lulled into thinking that all is well - or at least good enough - with Planet Earth...
...push toward the point when Americans start to pocket their wallets and thus slow down the economy drastically. When the stock market crashed in 1987, for example, consumer confidence fell but then quickly recovered, helping the U.S. to dodge a possible recession. It was different in 1991, when rising oil prices added to emerging consumer worries and thus stalled the U.S. economy...