Duh.

From the New York Times story:

“But with oil prices expected to remain high for years, auto industry executives are seeing a turning point.”

They said this in the 70s, too. And the 80s. The 90s? Not so much (everybody's stomach was full and bank accounts were dripping with IPO riches). Now? They are saying it again. One day they may be right.

Originally from Greg Mankiw's Blog.