"There is no doubt demand for oil is outpacing supply at a rapid pace, and has been for some time now," GM chairman and CEO Wagoner said during the opening of the Detroit motor show.
"As a business necessity and an obligation to society we need to develop alternative sources of propulsion."
He also said ethanol was an "important interim solution" to the world's demand for oil, until battery technology improved to give electric cars the same driving range as petrol-powered cars.
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