Changes

The Big Three had in recent years stressed expensive, fuel-guzzling SUVs and large pickups. They were much more profitable than smaller, fuel-efficient cars. When [[gasoline prices]] shot past US$4 per gallon in 2008, Americans stopped buying the big cars, and the Big Three saw their sales plummet.  The [[Financial Crisis of 2008]] played a role as no one was willing to loan GM the money to buy Chrysler. Consumer credit has tightened and it became much harder for people with average or poor credit to obtain a bank loan to buy a car, so sales fell further.  Stock prices fell as shareholders worried about bankruptcy; GM's shares fell to 1942 levels.  

The Big Three had in recent years stressed expensive, fuel-guzzling SUVs and large pickups. They were much more profitable than smaller, fuel-efficient cars. When [[gasoline prices]] shot past US$4 per gallon in 2008, Americans stopped buying the big cars, and the Big Three saw their sales plummet.  The [[Financial Crisis of 2008]] played a role as no one was willing to loan GM the money to buy Chrysler. Consumer credit has tightened and it became much harder for people with average or poor credit to obtain a bank loan to buy a car, so sales fell further.  Stock prices fell as shareholders worried about bankruptcy; GM's shares fell to 1942 levels.  

Intense debate in December 2008 focused on allowing bankruptcy or injecting billions more of federal aid in loans and buyouts; it would be in addition to a $25 billion loan Congress passed in September 2008 to assist in increasing fuel efficiency.  The Democrats in Congress supported president Bush's proposal to sue the fuel-efficiency loans to help with the immediate problem. It passed the House but Senate Republicans broke with Bush and it failed.  The opponents called for a bankruptcy that would allow GM to get out of its contracts to pay union members high wages, as well as generous pension sand medical benefits to retired workers.  Bush then acted unilaterally and decided to lend GM and Chrysler in [[Financial Crisis of 2008|TARP money]] on December 19. GM and Chrysler will got $13.4 billions in loans they can use to pay their suppliers.<ref>GM and Chrysler will receive $4 billion each when they sign the loan agreements with the Treasury. GM will have access to an addition $5.4 billion on Jan. 16 and another $4 billion on Feb. 17 provided that Congress has released the remaining $350 billion for the Treasury’s TARP rescue program.</ref> GM can receive another $4 billion in February, but by then the Obama administration will be in charge, and it is emphasizing the need for a long-range solution.<ref>David E. Sanger, David M. Herszenhorn and Bill Vlasic, “Bush Aids Detroit, but Hard Choices Wait for Obama,” [https://www.nytimes.com/2008/12/20/business/20auto.html?hp ''NewYork Times'' Dec. 19, 2008]</ref>  

Intense debate in December 2008 focused on allowing bankruptcy or injecting billions more of federal aid in loans and buyouts; it would be in addition to a $25 billion loan Congress passed in September 2008 to assist in increasing fuel efficiency.  The Democrats in Congress supported president Bush's proposal to sue the fuel-efficiency loans to help with the immediate problem. It passed the House but Senate Republicans broke with Bush and it failed.  The opponents called for a bankruptcy that would allow GM to get out of its contracts to pay union members high wages, as well as generous pension sand medical benefits to retired workers.  Bush then acted unilaterally and decided to lend GM and Chrysler in [[Financial Crisis of 2008|TARP money]] on December 19. GM and Chrysler will got $13.4 billion in loans they can use to pay their suppliers.<ref>GM and Chrysler will receive $4 billion each when they sign the loan agreements with the Treasury. GM will have access to an addition $5.4 billion on Jan. 16 and another $4 billion on Feb. 17 provided that Congress has released the remaining $350 billion for the Treasury’s TARP rescue program.</ref> GM can receive another $4 billion in February, but by then the Obama administration will be in charge, and it is emphasizing the need for a long-range solution.<ref>David E. Sanger, David M. Herszenhorn and Bill Vlasic, “Bush Aids Detroit, but Hard Choices Wait for Obama,” [https://www.nytimes.com/2008/12/20/business/20auto.html?hp ''NewYork Times'' Dec. 19, 2008]</ref>  

In addition to the Big Three hundreds of large suppliers of parts are in financial crisis as well; most would go under if the Big Three go bankrupt.

In addition to the Big Three hundreds of large suppliers of parts are in financial crisis as well; most would go under if the Big Three go bankrupt.

When the domestic auto industry was largely nationalized in 1975, British Leyland was the holding company that controlled 40% of production.  It was renamed Rover; it went bankrupt in 2005, ending the era of mass production by British makers. The Chinese purchased the MG brand, while Jaguar went first to Ford and now to TATA Motors.

When the domestic auto industry was largely nationalized in 1975, British Leyland was the holding company that controlled 40% of production.  It was renamed Rover; it went bankrupt in 2005, ending the era of mass production by British makers. The Chinese purchased the MG brand, while Jaguar went first to Ford and now to TATA Motors.

The gentry who bought cars before 1939 found driving was easy on rural Britain’s smooth road surfaces in its generally mild weather. The rural roads are famously narrow and winding, so cars were small with stiff springs for good handling characteristics on them. High taxes on gasoline and crowded streets encouraged smaller, fuel-efficient cars in the cities.

The gentry who bought cars before 1939 found driving was easy on rural Britain's smooth road surfaces in its generally mild weather. The rural roads are famously narrow and winding, so cars were small with stiff springs for good handling characteristics on them. High taxes on gasoline and crowded streets encouraged smaller, fuel-efficient cars in the cities.

== Fuel ==

== Fuel ==