An ever-increasing number of fuel efficient vehicles combined with changes in driving habits have contributed to reduced petroleum consumption in recent years in both North America and Europe. Despite this, global petroleum consumption is on the rise, according to the US Energy Information Administration. Global consumption of gasoline, diesel, jet fuel, heating oil and other petroleum products reached a record high 88.9 million barrels per day (bbl/d) in 2012. Growth in Asia and other regions m
The auto industry has long been a cyclical business, and though this last trough was a deep one, the coming boom has economists excited. According to Bloomberg, the auto industry's comeback contributed fully half of the 2.2 percent national economic growth in the first quarter of this year. Auto sales are on target to top 14 million vehicles this year, the best pace in four years.
Jim Press, the new president of Toyota Motor Corp. North American, foresees a bright future for the U.S. auto industry. While speaking at the women's business group Inforum in Detroit last week, he pointed out that: