Waxman Gains House Energy Committee, Auto Stocks Drop

Struggling Detroit automakers have lost a loyal friend in Rep. John Dingell (D-Mich.), who will hand over the Energy and Commerce committee gavel to Rep. Henry Waxman (D-Calif.), The Post's Paul Kane is reporting.

Waxman is a strong backer of President-elect Obama and his tougher stance on environmental issues.

As chair of the Energy committee, Waxman will have a key role in implementing Obama's policies, which could include higher fuel-efficiency standards for GM, Ford and Chrysler vehicles.

In response, shares of GM and Ford fell following the news of Waxman's ascension.

Ford is threatening to punch through the $1-per-share floor. GM is trading at its lowest levels in 70 years.

Waxman's home state of California has fought the federal government to pass tougher emissions standards than are required by Washington.

-- Frank Ahrens

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