The CEO of General Motors, Rick Wagoner, is pushing for government tax credits and fuel subsidies to encourage the development and use of alternative fuel technologies.
With the price of oil at its lowest level in 19 months, Wagoner said that the US runs “the risk of reverting back to our traditional energy policy … that is, relying on the lowest-cost energy available in world markets, including imported oil, without providing adequate support for developing alternative sources.”
GM said that alternative sources — including electricity, fuel cells and bio-diesel – are important, because its “highly unlikely” that oil alone will supply all of the world’s rapidly growing automotive energy requirements.
“I’m saying we’re willing to do our part and spend a lot of money and push this stuff because we think it’s the right thing and one day will have a payoff. But other people are going to have to play, too,” he said. “One of the things that government has to do to really promote energy diversity is proactively support the development of alternative fuel technology, whether that’s ethanol, or fuel cells or advanced batteries,” Wagoner said.