1. FUEL ECONOMY:
White House finalizes higher standards
The White House today finalized rules that could double fuel economy in light-duty vehicles by 2025, a move the administration says will reduce domestic oil consumption by 12 billion barrels over the life of the program. The new standards, announced today by the Department of Transportation and U.S. EPA after a lengthy White House review, establish a 54.5 mpg fleetwide standard by model year 2025. The standards, which apply to cars produced between model years 2017 and 2025, will also require reductions in greenhouse gas emissions, which EPA says will slash 6 billion metric tons of emissions over that time.