High oil and gasoline prices are driving businesses and consumers alike toward more energy efficient products. Three news stories today clearly illustrate this trend.
The Washington Times reports that sales of Electric Vehicles reached a monthly high in March. “Consumers bought a record 52,000 gas-electric hybrids and all-electric cars in March, up from 34,000 during the same month last year. The two categories combined made up 3.64 percent of total U.S. sales, their highest monthly market share ever…”
Staying with the automotive theme, under the headline, “How Hyundai Went From Joke To Contender In US,” the AP reports Hyundai “…is among the leaders in fuel efficiency and styling. Sales are up more than 60 percent since 2008, the year John Krafcik became CEO of American operations. Hyundai’s Elantra compacts and Sonata midsize sedans are in such demand that few discounts are offered.”
Finally, USA Today reports that Boeing is updating the “Industry workhorse” 737 to become more fuel efficient. ”…the Boeing 737 Max will “offer efficiency that’s helped make the 737 the best-selling commercial jet in history.”
The old saying goes “necessity is the mother of invention.” Today we might say “4 dollar gas necessitates innovation.”