U.S. raises bar on fuel efficiency

In a move that was endorsed by automakers and environmentalists alike, the Obama administration this week introduced tough new fuel-efficiency standards for cars and light-duty trucks. The new rules will boost fuel economy to the equivalent of 54.5 miles per gallon by 2025, cutting U.S. oil consumption by 2.2 million barrels of oil per day compared with 2010 levels and saving drivers more than $8,000 per vehicle at the pump. But auto sticker prices are likely to increase by $3,000 on average, said Bill Underriner of the National Automobile Dealers Association, preventing millions of people from “being able to afford new vehicles that meet their needs.”