“The only way to break this cycle of spiking gas prices — the only way to break that cycle for good — is to shift our cars entirely, our cars and trucks, off oil,” the president said.
But the recent track record of politicians attempting to fight the twin realities of physics and economics to force-feed such a change is littered with the bankruptcies of heavily subsidized enterprises.
Fisker Automotive halted work on a Delaware auto factory to make plug-in sedans a year ago after the U.S. Energy Department blocked access to its federal loan, citing unmet milestones. Chinese automakers last week pulled back from talks to buy Fisker, the dispute hinging on that federal loan. A123 Systems Inc., a Massachusetts-based manufacturer of batteries for electric cars that received a $249-million grant from the U.S. Department of Energy, filed for bankruptcy last October.