News Summary: New government gas mileage rules
THE NEWS: The Obama administration on Tuesday finalized regulations that will force automakers to nearly double the average gas mileage of all the new cars and trucks they sell in 2025. All new vehicles would have to average 54.5 miles per gallon in 13 years.
THE IMPACT: The change cuts in half the greenhouse gases produced by the vehicles, and the government says it will save consumers $8,000 in gasoline costs over the life of a vehicle purchased in 2025. But in the arcane world of government regulations, it doesn't mean cars will actually get 54.5 mpg. In real-world mileage, they'll average about 40 mpg.
THE COST: The government says the regulations will drive up the cost of a new car by about $2,800 in 13 years, and critics say that will make them too expensive for many people.