I think this statement from GM's CEO Daniel Akerson is perhaps right on the mark:
"'I don't think the industry learned a lot of lessons from 2008—they will this time around,' Mr. Akerson said Tuesday on the sidelines of the Geneva motor show. 'It would not be a good thing to see $5-a-gallon gas right now.'"
Terlep, Sharon, 2011. GM chief: industry ill-placed for oil shock. The Wall Street Journal, Mar. 1.
Further, this quote from the article gives a hint as to the direction GM is taking to make cars (and pickup trucks) more fuel efficient.
"The company aims to use lighter materials in production, bolster marketing of smaller cars and look at other fuel-saving measures, such as low-resistance tires on vehicles, he said." bold added.
However, this statement is not encouraging in terms of a shift in consumer attitudes, specifically regarding pick-up trucks for normal driving:
"Ford Motor Co. finance chief Lewis Booth said Tuesday that the U.S. industry saw a shift toward smaller vehicles in January and February, but that there hasn't yet been a dramatic response to the latest events. Unlike in 2008, there hasn't yet been a noticeable move away from pickup trucks, he said."
Somehow, America needs to increase the MPG for its automobile fleet. This will continue to be a long and painful process I think. Consideration of economic externalities is the key.
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