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The U.S. Energy Information Administration forecasts that U.S. regular gas retail prices will average $2.74 per gallon through September, up from $2.41 per gallonA last summer. CNBC reported this week that gas prices are at a three-year high.
Robert Weissman, president of advocacy group Public Citizen, accused Ford CEO Jim Hackett of “driving his company off a cliff.” Weissman said fluctuating gas prices are a potential danger.
“The Big Three automakers drove themselves to the brink of collapse with their failure to plan for the inevitable rise in gasoline prices. Now Ford is repeating the error, in a shortsighted and destructive move that will harm consumers, shareholders and the planet,” according to a statement from Weissman.
But someA analysts said that worries about gas prices’ effect on larger vehicles may not have the resonance now that it did.That’s in part because many bigger vehicles are more fuel efficient than in the past.
“This strategy is not as risky as it once was since these SUVs are built on car platforms, which make them cheaper to produce and can have fuel efficiency numbers which … rival small cars,” said Jessica Caldwell,A analyst for car sales site Edmunds.com. “As automakers like Ford work to increase their offerings of hybrid-electric (cars) … fuel economy will become less of a worry.”