More broadly, we should then ensure that, within a decade, every new car sold in America can run on flexible fuel. We can advance this goal by offering manufacturers a $100 tax credit for every flexible-fuel tank they install before the decade is up.
As my friend Tom Daschle details in this report, millions of people driving flexible-fuel vehicles don’t even know it. The auto companies shouldn’t get CAFE credit for making these cars if they don’t let buyers know about them, so the entire auto industry should follow GM’s lead and put a yellow gas cap on all flexible fuel vehicles, and notify consumers in writing as well.
We have a choice in this country. We can continue down our path of oil dependence and watch as foreign competition kills our auto industry. Or we can help the industry transform itself back into the giant it once was. Eighty years later, Henry Ford’s dream of a future without oil is not only possible, it’s essential. For our environment, our security, and our economy, it’s finally time for America to pursue it.