Washington DC, Good afternoon, and thank you all for being here today.
The summer driving season is nearly here, and families everywhere are thinking about their vacation plans. Unfortunately, the high gas prices are causing some to cancel campsite reservations or re-evaluate that family road trip.
One of President Bushs goals is to reduce our dependence on foreign sources of oil. One way we can meet this goal is to reduce the amount of gas our cars use.
I arrived here today in a hybrid vehicle a Saturn Aura that is regularly used in our fleet of vehicles at DOT, which also includes flex-fuel SUVs used by my security team. These are just some of the amazing fuel-saving technologies that are now readily available.
I just spent some time looking at the group of fuel-efficient cars behind me. All of them incorporate the latest and greatest technological breakthroughs in fuel efficiency easing the strain on both consumer wallets and our nations fuel consumption.
Today, I am announcing new proposed fuel standards that are historically ambitious, yet achievable.
Under the proposed rule, the fuel economy on a fleet-wide basis will increase by an average of four-and-a-half percent annually through 2015 a 25 percent improvement over five years. This standard exceeds the 3.3 percent average annual increase needed to reach the target passed by Congress last year.
For passenger cars, this means increasing fuel economy from the current 27.5 miles per gallon standard to an industry average of 35.7 miles per gallon by 2015. For light trucks, the proposal calls for increases from 23.5 miles per gallon in 2010 to 28.6 miles per gallon in 2015.
All told, this proposal will save nearly 55 billion gallons of fuel over the lifetime of the vehicles affected, which is those in model years 2011 through 2015. And it will save Americas drivers over $100 billion in fuel costs over the lifetime of those vehicles.
Over the last six years, this Administration has twice made changes to our nations Corporate Average Fuel Economy, or CAFE, standards by increasing mileage requirements for light trucks.
Last year, President Bush called for an energy plan that goes even further by requiring attribute-based fuel efficiency standards for passenger vehicles. His plan, called the Twenty-in-Ten initiative, was passed by Congress last year.
Our proposal ensures that we can accomplish these significant gains in fuel economy by basing standards on vehicle attributes, such as size. An attribute-based approach allows us to reduce fuel consumption without sacrificing safety. We will not compromise safety in pursuit of increased fuel efficiency. And, with this rule, we do not have to.
As some of you may know, today is Earth Day. It is nice to be out here under the trees today they serve as a reminder of the much larger world that exists outside of concrete jungles like Washington, and as a reminder to breathe every once in awhile.
This proposal will also help us all breathe a little easier by reducing carbon dioxide emissions from tailpipes, cutting fuel consumption and making driving a little more affordable.
In fact, the standards in this proposal would reduce carbon dioxide emissions by an estimated 521 million metric tons, and is an important part of this Administrations commitment to reduce greenhouse gas emissions.
Finally, as required by Congress, the proposal allows for automakers to earn credits for exceeding CAFE standards. This will serve as an incentive for companies to exceed these goals while giving manufacturers flexibility to meet the standards without compromising their economic vitality.
Our goal is to save fuel, not endanger jobs. These credits allow us to do just that.
As the vehicles behind me show, technology is making our cars as fuel efficient as possible while maintaining safety. Our approach ensures that consumers can enjoy the freedom to purchase the cars they want while requiring all manufacturers to do more.
Looking at these vehicles, it is easy to see a not-too-distant future when cars fueled by something other than gasoline will be readily available and affordable. Until that time, however, we will continue to do what we can, safely and efficiently, to improve gas mileage and help consumers spend less time and less money at the pump.
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