House Republicans Question Obama's Advisers Roles in 54.5 MPG Fuel Standard Development
March 1, 2012 4:55 PM
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Rep. Darrell Issa (R-Calif.)
Rep. Darrell Issa (R-Calif.) found that White House advisers had a great deal to do with the writing of the rules
30 U.S. senators
(29 of which were Democrats) gave President Barack Obama their support for the 54.5 mpg fuel standard by 2025. However, House Republicans still had a bone to pick with these new rules.
The new Corporate Average Fuel Economy (CAFE) proposal, which was introduced by the Obama administration, the state of California and major automakers, aims to increase the average fuel economy of cars and light trucks sold in the U.S. to 54.5 mpg by 2025 in an effort to reduce greenhouse gas emissions and the U.S.' dependency on foreign oil.
When the new rules were initially proposed last year,
like Ford Motor Co., General Motors Co. and Chrysler backed it. However, the standard had some strong opposition from the National Automobile Dealers Association (NADA), who said the new rules would tack
an extra $5,000 to the sticker price
of new vehicles in 2025, as well as Republicans who worked to block the standard last fall because they believed that it would regulate many new vehicles that sell for under $15,000 entirely out of existence.
Now, despite the rules getting the green light from 30 U.S. senators,
House Republicans still have beef with the new rules
. More specifically, GOP has been looking into how involved Obama's advisers were in the development of the new 2017-2025 fuel efficiency standards.
Rep. Darrell Issa (R-Calif.) said he investigated Obama's advisers' involvement last August when speaking to White House Counsel Kathryn Ruemmler.
"Your response seemed to imply that the Executive Office of the President was not significantly involved in the development of these fuel economy/greenhouse gas emissions standards," Issa wrote to Ruemmler.
As it turns out, Issa's investigation discovered that there was indeed substantial participation in the development of the new standards by the White House's Office of Management and Budget, Domestic Policy Council, National Economic Council and Council of Economic Quality.
Ron Bloom, a White House adviser under the Obama administration, spent weeks trying to negotiate with automakers for support regarding the
54.5 mpg by 2025 standard
. Bloom also spoke with lobbyists daily in July 2011, ad former White House Chief of Staff Bill Daley met with Ford CEO Alan Mulally.
A finalized version of the rules is due this summer.
The Detroit News
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RE: Want to save some money?
3/2/2012 7:34:26 PM
A few additional notes.
A quick trip to Google Finance will show you that most Oil and Gas companies make around 8% net profit margin and around 8% return on assests.
Apple and Microsoft are both in the 20%+ range for each of these categories.
Gap and American Eagle also both beat 8%.
General Mills and Kellog average around 10%.
Dish and DirectTV average around 12%.
Despite the price at the pump or the amount of profits, Oil and Gas companies are not significantly more profitable or better uses of Capital than the underlying US economy.
On speculation. Its true that Speculators can create artifically bubbles or troughs in pricing for a commodity. But bubble life is usually proportional to the lifecycle of a product. Oil and Gas contracts typically have a lifecycle less than a few years. Its unlikely that a long term bubble can be created by oil speculation. Consider the housing bubble in the US? It lasted around 5-6 years. Which incidently is right about the lifetime of a typical home purchase (large numbers of people live in a home for only 5-10 years)
"Nowadays, security guys break the Mac every single day. Every single day, they come out with a total exploit, your machine can be taken over totally. I dare anybody to do that once a month on the Windows machine." -- Bill Gates
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