Remember how you couldn't get a cut-rate price on a fuel efficient car last summer? Well, times have changed. Every small car in the market is stacked up at dealerships.
Honda Fits are piling up in dealers' lots. Meanwhile, gas guzzlers are selling like hotcakes!
For example, at the end of February, Honda had 22,191 of its gas-sipping Fits on dealers' lots — enough to last 125 days at the current sales rate. The industry generally considers a 55- to 60-day supply healthy. As recently as July, Honda only had a nine-day supply of Fits.
And it's not just Honda. According to The Wall Street Journal, Toyota Motor Corp. has enough Yaris subcompacts to last 175 days. Chrysler LLC has a 205-day supply of the Dodge Caliber.
And Chevrolet dealers are sitting on a mind-blowing 427 days' worth of Aveo subcompacts.
Meanwhile, the new, re-designed Camaro muscle car has customers lining up around the block!
* Car sales are REALLY booming in China! China's vehicle sales surged 25 percent in February, the first gain in four months. The tally in the first two months of the year rose 2.7 percent to 1.56 million. That contrasts sharply with a 39 percent decline in the United States to 1.35 million new vehicles.
* Rig Counts Are Dropping. The number of U.S. rigs drilling for oil and natural gas is plunging. According to Baker Hughes, the number of rigs drilling for oil is down by 13, to 215. That's 126 fewer rigs than there were last year. And rigs currently drilling for oil represent just 19.8 percent of total drilling activity.
Rigs directed toward natural gas were down by 27 at 857 ... 576 less than last year's level of 1,433.