As US petrol prices soar to record levels, motorists are fuelling environmentalists' dreams by scrambling to trade in their gas-guzzling four-wheel drives for hybrid or hydrogen-powered vehicles.
The growing drain on American pockets is not only showing signs of ending the craze for sports utility vehicles (SUVs), it may also spark long-delayed investment in cars that use alternative fuel.
"With gasoline prices reaching beyond US$2 per gallon [3.78 liters] and the general concern over the US dependence on foreign oil, hybrid vehicles are catching more consumers' attention and, consequently, investor interest," said Michael Bruynesteyn of Prudential Equity Group.
PHOTO: REUTERS
He said that while environmentally friendly hybrid vehicles -- which combine electric power and combustion engines -- were first introduced to US drivers by Honda in 1999, they have been confined to a tiny niche market.
But the gas-price increase in a country long used to low fuel costs could well see that market explode this year far beyond its faithful clutch of Hollywood stars like Harrison Ford.
"People are buying hybrids because of mileage benefits and environmental concerns," agreed Lonnie Miller of Polk's Analytical Solutions. "With the rising cost of gas in the US, hybrid registrations will likely increase in 2004."
And the rush for the relatively expensive vehicles has already begun.
Just 43,435 hybrid vehicles were sold in the US last year, with Honda's Civic accounting for half. But the hybrid Civic sold almost 3,000 cars last month alone, suggesting a huge jump in overall hybrid sales.
Hybrids, whose fuel engines kick in only when the electric battery runs out, are "showing early signs of moving into the mainstream," according to Bruynesteyn.
Also in vogue are hydrogen-powered cars, which are very environmentally friendly, emitting only water vapor instead of carbon monoxide like petrol-powered cars. They are also quiet, decrease greenhouse gas emissions and boast boosted energy efficiency.
Hydrogen vehicles have found an unusual ally in US President George W. Bush, criticized by his foes for his environmental record, who last year announced a US$1.2 billion plan to develop hydrogen-powered cars in a bid to decrease US dependency on foreign oil.
In April, several private firms received a share of US$350 million supplied by the US government to further research the development of hydrogen cars.
But hydrogen cars also have some detractors, who say the system is expensive, difficult and potentially dangerous to store, as it takes up a lot of space -- requiring much bigger fuel tanks -- and is highly flammable.
Meanwhile, the once-booming sales of SUVs are falling across the US as petrol prices rise.
A study by Autodata showed that sales of three of the most popular US-made SUVs fell by 21 percent, 25 percent and 34 percent in April compared with the same period last year.
"Over the last few months, we have seen a decrease of SUV sales," said Mark McCready, director of Carsdirect.com, a Los Angeles-based firm which specializes in online car sales.
"Usually at this time of the year, we see a huge number of people who want to buy SUVs. This has not been the case this year. In the past months, we have seen a decline of consumers interested in buying SUVs," he said.
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