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Sample Essay – Automotive industry
The resulting changes were not favorable for the U.S. automotive industry as the U.S. citizens responded quite prominently. Many turned to public transport because of the unaffordable oil prices and others switched to smaller cars with higher fuel efficiency. The automotive industry observed the steepest decline in auto sales over a period of one year. The auto sales fell by 18% in one year.
This steep decline was due to the lessened interest of American motorists in light trucks which held 55% of the total vehicle sales in U.S. in the year 2005 and now the market share of those light trucks was down to 47% due to their increased fuel consumption.
A review of the Highway Administration Data found that drivers in the U.S. drove 11 billion miles less as compared to the immediately preceding year’s data.
The operating costs of the U.S. automotive firms also increased significantly due to the hike in oil prices because oil products are extensively used in the manufacturing phase of automobiles. All these factors showed that U.S. automotive industry needed to come up with something to cope with the hike in the oil prices.
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