It’s been a long time in the makings and part of the delay is being blamed on President Obama dropping the ball, but the new rules are finally in place and will save American families over $1.7 trillion dollars in fuel costs. This ruling increases the Corporate Average Fuel Economy standards for model year 2017-2025 cars to 54.5 miles per gallon and automakers are going to have their work cut out for them to meet up to these standards. While it will make new cars significantly more expensive, the fuel economy they receive, around $8,000 per vehicle per life span should help take the edge off the higher pricing. So, in one sense, the fuel efficiency is a double edge sword because you will spend more to save more. But, the environment will be a direct beneficiary of this ruling because the new standards will reduce emissions by 6 billion metric tons over the life of the program. With that in mind, maybe the investment will have a great return on investment after all.
“Simply put, this groundbreaking program will result in vehicles that use less gas, travel farther, and provide more efficiency for consumers than ever before-all while protecting the air we breathe and giving automakers the regulatory certainty to build the cars of the future here in America,” said Transportation Secretary Ray LaHood. “Today, automakers are seeing their more fuel-efficient vehicles climb in sales, while families already saving money under the Administration’s first fuel economy efforts will save even more in the future, making this announcement a victory for everyone.”
“The fuel efficiency standards the administration finalized today are another example of how we protect the environment and strengthen the economy at the same time,” said EPA Administrator Lisa P. Jackson. “Innovation and economic growth are already reinvigorating the auto industry and the thousands of businesses that supply automakers as they create and produce the efficient vehicles of tomorrow. Clean, efficient vehicles are also cutting pollution and saving drivers money at the pump.”
Source Union of Concerned Scientists