GM to cut production

General Motors has also trimmed production, the automaker's chief said hours after Ford Motor Company announced a 21% cut in fourth quarter production because of a sharp drop in sales of fuel-guzzling trucks and sports utility vehicles. GM trimmed production 7-8% during the summer and has scaled back production of new full-size sports utility vehicles.

"I think the fuel price situation has been a little surprising to everyone," GM chairman and CEO Richard Wagoner Wagoner said. Wagoner noted GM will be launching a number of new cars and crossovers that offer better fuel economy later in the year.

- The peak-oil community is not surprised by the fuel price situation.

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