By 2025, many Americans will spend significantly less time — and money — at the gas pump.
Today, President Obama announced an historic agreement that will nearly double the fuel efficiency of cars and light-duty trucks. Working with 13 major automakers, the United Auto Workers (UAW) and the State of California, the agreement will push the average fuel economy standard to 54.5 miles per gallon between 2017-2025.
The new standard will have a dramatic impact on oil consumption, greenhouse gas emissions and, of course, consumers’ wallets. Americans will save $1.7 trillion in fuel costs, with the typical family seeing more than $8,000 in savings per vehicle over time.
President Obama also noted that the agreement “represents the single most important step we’ve ever taken as a nation to reduce our dependence on foreign oil”.
The environment doesn’t make out too badly in the deal either — the standard is projected to reduce carbon dioxide pollution by 6 billion metric tons.