Econintersect: President Obama announced today (Friday, July 29) a new fuel efficiency standard to be achieved by 2025 – 54.5 mpg for cars and light trucks. According to RD Magazine, the plan has been agreed to by the makers of more than 90% of the vehicles sold in the U.S.: Ford, GM, Chrysler, BMW, Honda, Hyundai, Jaguar/Land Rover, Kia, Mazda, Mitsubishi, Nissan, Toyota, and Volvo. The United Auto Workers and the State of California also participated in developing the plan. The new plan extends the aggressive plan previously announced to increase the average fuel economy to 35.5 mpg by 2016.From RD Mag:
These programs, combined with the model year 2011 light truck standard, represent the first meaningful update to fuel efficiency standards in three decades and span Model Years 2011 to 2025. Together, they will save American families $1.7 trillion dollars in fuel costs, and by 2025 result in an average fuel savings of over $8,000 per vehicle. Additionally, these programs will cut the oil we consume, saving a total of 12 billion barrels of oil, and by 2025 reduce oil consumption by 2.2 million barrels a day—as much as half of the oil we import from OPEC every day.
Sources: RD Mag