A big loan application.

by John McNeill
DETROIT -- Think of it as a huge reverse auto loan. When Congress returns after Labor Day, they will be getting a full court press from the big Three Automakers to approve 50 billion dollars in low interest loans. They say they need the financing to modernize and retool their assembly plants for the production of next-generation fuel efficient vehicles. They say tightening credit markets and the tough competition, are behind the request. The loans would finance about 30% of the upgrades. Both Barack Obama and John McCain support the measures. Because of their importance to key battleground states in Michigan.
While gas prices have remained relatively stable here in West Michigan, they continued to fall nationwide over the last two weeks as the price of Crude has continued to Tumble.
Trilby Lundberg says at $3.70, its still 90-cents above where it stood last year at this time. Nancy Cain with Triple A of Michigan says we will catch up eventually, but crude prices are still well over where they were last year, or any year. Triple A will release their weekly figures later this morning.