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Romney says the new standards are "extreme," but Obama disagrees

This week was particularly monumental for the auto industry as the Obama administration finalized the new Corporate Average Fuel Economy (CAFE) standards. The new rules have faced some criticism, but President Barack Obama isn’t backing down.
The criticism comes from Obama’s presidential election opponent Mitt Romney, who believes there is a better method of increasing fuel economy than changing CAFE standards.

"Just yesterday, my opponent called my position on fuel efficiency standards extreme," said Obama. "It doesn't seem extreme to me to want to build more fuel efficient cars. Maybe the steam engine is more his speed."

Obama further added that the new CAFE standards will allow U.S. drivers to fill up their gas tanks "half as often." But when the new rules were finalized Tuesday, Romney failed to see the benefit to driving citizens. 

"Governor Romney opposes the extreme standards that President Obama has imposed, which will limit the choices available to American families," said Andrea Saul, Romney spokeswoman. "The president tells voters that his regulations will save them thousands of dollars at the pump, but always forgets to mention that the savings will be wiped out by having to pay thousands of dollars more upfront for unproven technology that they may not even want."

The new fuel efficiency standards for 2017-2025 will cost the auto industry $157.3 billion and add an average of $2,000 extra to the sticker price of new autos.

While some are clearly unhappy with the new standards, others are seeing added benefits. Honda, for example, was delighted to see that the standards provided extra credits for those selling natural gas-powered vehicles. Tesla also jumped on the CAFE bandwagon when it learned that it could sell any credits for surpassing the standards to companies that haven't.

The CAFE standards will raise the average fuel efficiency of cars and light trucks to 54.5 mpg by model year 2025. These new standards, which were created by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Transportation’s (DOTs) National Highway Traffic Safety Administration (NHTSA), were based off of the Obama Administration's first standards raised average fuel efficiency to 35.5 mpg by 2016. It was intended for cars and light trucks during model years 2011-2016.

The 54.5 mpg CAFE standard aims to save consumers more than $1.7 trillion at the gas pump, cut U.S. oil consumption by 12 billion barrels, reduce greenhouse gas emissions by 6 billion metric tons over the course of the program, and encourage the adoption of autos like electric vehicles (EVs) and plug-in hybrids. 

Source: The Detroit News

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RE: Free market fantasies
By Ringold on 8/31/2012 2:05:52 AM , Rating: 1
Yep. Singapore man, flying apart at the seems. Chaos, women throwing their babies off the tops of skyscrapers, insanity. I just saw a woman utter "If only I had the same rights as the average Cuban!" before leaping to her own death.

Greece though! And Italy, Spain! Now there are some beacons of success in the world! Look at all those civilized indignatos, these are such prosperous, successful nations that their young college graduates apparently need not even work any more! Compare that to the wretched United States, which didn't even begin to leave the swamps of the Eastern seaboard until the New Deal.

Oh, wait.

RE: Free market fantasies
By TSS on 8/31/2012 8:56:47 AM , Rating: 2
If you think Singapore is unregulated you're a fool (they just don't tax very much). They are fools as well, since they've stored the majority of their wealth in europian banks.

Anyways, there already exist a completly free and unregulated market. the $740 trillion derivatives market. And we all know how that turned out (just a recap so far: the US morgage crisis, financial crisis, europian sovereign crisis, housing bubbles across the world, can all be traced back to derivates).

What we need is a Competent government establishing a Competent framework for Competent traders to trade within. Then it needs to be monitored by Competent overseers paid for by the that government, with the authority to intervene when a trader crosses outside of the framework set in place. Right now none of our nations have any of those things.

"There is a single light of science, and to brighten it anywhere is to brighten it everywhere." -- Isaac Asimov

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