Automakers Agree to Boost Fuel Economy
Posted on Jul 29, 2011
Washington did get something done this week. President Obama and major American automakers on Friday reached an agreement that raises the average fuel economy of passenger cars to more than 54 miles per gallon by 2025.
Today, new cars are averaging a bit more than 28 mpg, and in order to reach the mark by 2025, new cars will have to average about 34 mpg in just five years.
Although making such goals may be a step in the right direction, does it go far enough? —BF
The new mandate means:
—$1.7 trillion. That’s the estimated amount of money that Americans will save from 2011 through 2025 on gas because of the new rules, the White House estimates. Put another way, you’ll save $8,000 over the life of your car on fuel costs.
—12 billion. The total number of barrels of oil we won’t consume.
—2.2 million per day. The total number of barrels of oil a day we won’t consume in 2025. The U.S. now consumes around 21 million barrels a day so this would represent a 10.5 percent reduction from today’s figures. The White House states that 2.2 million barrels of oil a day constitutes around half of the oil we get from OPEC on a daily basis.
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