An EPA draft for the new regulations governing fuel economy by 2020 shows automakers could improve fuel efficiency to 38.3 mpg by 2020 at a cost of $30 billion a year. The agency estimates the new car fleet could be 40% diesel and full hybrid, and that plug-in cars will be a viable technology in 2012.
The draft should be unveiled on Monday, but a copy was obtained by the Detroit News. It's believed, however, that the final proposal won't be finished before Bush leaves office, which makes me wonder what will come of this draft, if anything. A new administration will certainly want input on any new limitations of this scope.
The EPA also outlines other areas they could limit greenhouse gases, namely ships, aircraft, nonroad vehicles (farm and construction equipment) and solid waste incenerators.
The cost of $30 billion a year to the auto industry will be offset by an estimated $2 trillion societal benefit according to the draft proposal. The savings to society will come through reduced greenhouse gas emissions. The extra cost to consumers payback will come in 3.4 to 7.4 years if gas were to hold steady at $3.50 a gallon.
Thursday, June 19, 2008
EPA Believes Society Will Save $2 Trillion by Increasing MPG Standards
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