In 2005, Arjun Murti, an analyst of the petroleum industry for Goldman Sachs, issued the prediction that oil would reach a $100-a-barrel price. His words were met with disbelief. But this year, his projections not only came true, they underestimated the meteoric rise in oil prices. Recently, Mr. Murti issued another shocking prediction: Look out America! He predicts that oil's prices will soon zoom past the $200 benchmark.
Skyrocketing oil prices have Americans hoping for relief, fast relief. Car buyers are rushing to smaller, more gas efficient vehicles. Like most of the other major car manufacturers, Ford Motor Company announced last week that it is sharply cutting its production of pickup trucks and SUVs directly in response to shifting consumer preferences. Consumers are clearly heading for the smaller, more gas-efficient vehicles. Here's a look at today's five most efficient gasoline-powered cars. They are all foreign-manufactured compacts, hatchbacks, and small sedans.
1. Toyota Yaris. Leading the list is the Yaris, which comes with an affordable price in addition to great mileage. The sedan or hatchback starts at $11,500 and gets 29 mpg in town and 35 on the highways, according to Environmental Protection Agency (EPA) tests.
2. Mini Cooper. What the Coop lacks in size it makes up for in gas mileage and engineering. Its price starts around $17,000, and gets about 28 mpg in town and 37 on the highways.
3. Toyota Corolla. The Corolla is an extremely reliable compact car that has earned the loyalty of its drivers by offering years of reliable service. The Corolla also delivers on gas mileage, with 27 mpg on the city roads and 37 cruising on the highways
4. Honda Fit. Slightly smaller than the Honda Civic, the new-model Fit boasts 27 mpg in the city and 34 mpg on the highway.
5. Kia Rio. The subcompact Rio lacks great power but four-door hatchbacks and sedans start at $11,000. The Rio garners an EPA rating of 25 mpg in town and 35 mpg on the highway.
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