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White House Announces New Fuel Standards

Financial News Network
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September 24, 2012 AT 9:46 PM
The White House wants your car to be more fuel efficient, at least your future car. The Obama Administration announced today that it had settled on new fuel-economy standards for cars and light trucks. It will take until the year 2025 for the standards to be implemented wholly, but the White House says the new rules will save Americans $1.7 trillion in fuel costs and will raise the Miles Per Gallon average for all affected vehicles to 54.5. The new standards are not entirely beneficial to the consumer, as Americans will be paying an average of $3,000 more for their vehicles than before, although this will likely be offset by lower fuel spending. According to USA TODAY, the big three Detroit Automakers have shown support for these new rules.