August 29, 2012
US oil consumption and fuel economy. Data from the EIA.
President Obama said the new rules would reduce oil imports by half.
"These fuel standards represent the single most important step we've ever taken to reduce our dependence on foreign oil," Obama said in a statement. The U.S. imported 4,146,266 gallons of crude oil in 2011.
The rules are expected to boost the cost of new cars, but reduce consumer spending on gasoline in the long term.
The current fuel economy standard calls for 29.7 mpg starting with model year 2017 cars.