GM CEO Wagoner: Oil Price Spike Permanent

General Motors (GM) CEO Rick Wagoner said this morning he believes the rise in oil prices is a permanent change, not a temporary spike. He then went on to describe the new, efficient cars that GM will eventually build, now that it has once again been caught with millions of 6,000 pound land yachts that no one wants to buy.

GM’s electric car, Volt, is now expected to hit showrooms by the end of 2010.

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