OPEC’s Cheap Oil Strategy Lures Drivers Back Into Gas Guzzlers
- Decade-long improvement in fuel efficiency in U.S. seen ending
- Light trucks, vans, SUVs account for 60% of U.S. vehicle sales
Schork: We're Seeing the Death of the OPEC Cartel
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As OPEC ministers gather in Vienna, they may notice more sport utility vehicles on the streets of the Austrian capital than on previous visits.
Last year, SUVs outsold any other type of passenger vehicle in Europe for the first time, according to auto industry consultants JATO Dynamics. The trend has continued in 2016, with demand for SUVs such as the Hyundai Tucson and the Renault Kadjar accounting for a quarter of sales in the biggest European countries.