In order to better the environment and challenge American car makers to compete with the rapidly evolving car market, the Obama Administration has increased fuel economy standards to 54.5 miles per gallon. The standards are targeting automobiles and light-duty trucks made in 2025 and beyond. They were officially issued by the U.S. Department of Transportation and U.S. Environmental Protection Agency with the hopes of reducing greenhouse gas emissions and in theory saving consumers $1.7 trillion in gas costs. Additionally, it is projected that oil consumption will be reduced by 12 billion barrels.
“These fuel standards represent the single most important step we’ve taken to reduce our dependence on foreign oil,” said President Barack Obama through a press release. He also cited that families would greatly benefit from the standards in the near future
Because the United States is a nation that depends heavily on the automobile for both personal transportation and commerce, President Obama is certain that such a step will both strengthen the energy security and create a more sustainable economy in the long run.
Without a doubt, a growing number of U.S. citizens are finding daily living more challenging where finances are concerned. As result of traditional banks pulling back on personal and small business loanofferings, the automobile is playing an important role in the economy. Auto title loans are being offered at competitive rates. Noted as non-traditional short-term loans, car title loans are offered to those who own their vehicles outright and don’t depend on one’s credit rating.
In theory, the money saved at the gas pump due to fuel economy reforms will put money back into the pockets of those who need it most. Additionally, as Japan, Korea, and Germany develop automobiles with extremely high fuel economies, the United States auto industry will be able to better compete for years to come.