Having reached a compromise that will nearly double the fuel economy of the typical passenger vehicle over the next 14 years, the Obama Administration is now taking aim at some of the nation’s biggest gas-guzzlers.
The White House is scheduled to announce first-ever fuel economy standards for big trucks – which could mean cutting gas consumption by as much as 23% by 2018. The rules, which will be announced later today, will cover everything from 18-wheel semis to garbage and fire trucks – as well as the heav-duty versions of pickups like the Ford F550, which aren’t included in the mileage rules announced late last month.
Administration officials expect the new rules to more than pay off in terms of reduced fuel bills – while also slashing the production of greenhouse gases and other noxious emissions. Preliminary estimates indicate vehicles meeting the new standards will ultimately save about 530 million barrels of oil which, at anticipated prices after the current economic downturn, could be worth more than $50 billion.
The new standards, which will cover the years 2014 through 2018, will impact three categories of vehicles: (more…)