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Page added on October 30, 2007

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US Auto Industry Faces Growing Headwind From High Oil Prices

The continuing rise in oil prices poses a growing challenge for auto makers already dealing with the effects of housing market weakness and a crisis in the subprime mortgage market.

Crude oil futures hit a new record high of $93.80 a barrel Monday, and higher crude oil prices often precede a rise in gasoline prices. High fuel prices have over the past year increasingly led consumers to shift away from the pickup trucks and SUVs that have been the main source of profits for auto makers.

CNN



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