With the backing of major carmakers, President Obama announced a plan to increase the fleet average fuel economy of new cars and trucks to 54.5 miles per gallon by 2025, nearly double the current levels.
The new standards are the result of a compromise with the industry after the White House initially proposed raising the Corporate Average Fuel Economy, or CAFE, standard to 62 mpg.
The compromise was a bit of a surprise and looked unlikely even a few days ago,and key parties didn’t sign off on the final language until nearly midnight Thursday.
