Sunday, 31 July 2011

Obama blames India and China's increased demand for hike in fuel prices

According to President Barak Obama, rising demand in India and China is what is causing fuel price rise. Periodic increase in fuel prices has caused much distress to all. Obama has said that increase in fuel prices was solely due to growing demand in these two countries. He has now tabled a need for all US vehicles to average 54.5 miles per gallon in the next few years.

Demand for oil is rising faster than it can be supplied and this is what is causing repeated price rise. Demand for fuel in India and China needs to be met and unless steps are taken to increase fuel efficiency of vehicles the situation will only escalate.
The new plan for higher fuel efficiency has seen support from top auto manufacturers all over the globe. Ford, GM, BMW, Honda, Nissan, Toyota and Volvo account for over 90% of vehicles sold in US. They have all supported this scheme of bringing out fuel efficient cars by 2017 which would reduce the country's dependence on foreign fuel.
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