Rising Gas Prices Precipitate Executive Delusions

General Motors CEO Rick Wagoner, in a foolish moment, told USA Today $4.00/gallon gas will not lead to fewer auto sales.

Despite the speculation about how high prices could run after the cutoff this week of BP’s Alaskan crude, Wagoner says he thinks vehicle sales are unlikely to nose-dive.
“We have actually been a little surprised how the market has held up through … $3-plus gas that we’ve had here over the past year,” Wagoner said Tuesday.