American consumers are calling for cleaner cars that won’t break their budgets at the gas pump. And this morning, I was proud to stand with President Barack Obama and EPA Administrator Lisa Jackson when the President announced a historic agreement to answer that call.
Today's agreement with 12 major automakers will increase average fuel economy to 54.5 miles per gallon for cars and light-duty trucks by model year 2025.
“This agreement on fuel standards represents the most important step we’ve ever taken as a nation to reduce our dependence on foreign oil,” said President Obama. "By 2025, the average fuel economy of vehicles will nearly double."
Just two years ago, we struck an agreement for Model Years 2012-2016, which will raise fuel efficiency to 35.5 miles per gallon and begin saving families money at the pump this year. And today's agreement builds on that by increasing fuel savings another 5 percent every year for cars, 3.5 percent a year for light trucks during the first four years, and 5 percent for light trucks for the remaining four years.
What does this mean for consumers? Together, our work will save American families $1.7 trillion at the pump, and by 2025 result in an average fuel savings of over $8,000 per vehicle.