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10/1/2012 - Government fuel-efficiency standards finalized

New government fuel-efficiency standards have now been finalized.

Federal officials recently put the final additions on fuel-efficiency guidelines that many automakers have committed to abiding by 13 years from now.

According to the National Highway Traffic Safety Administration, the standards will attempt to increase average fuel economy to the equivalent of 54.5 miles per gallon on all cars and light-duty trucks by the year 2025. This goal was initially announced last year but transportation officials finalized the standards just recently.

President Barack Obama indicated that by implementing the standards, American consumers would save more than $1.7 trillion at the gas pump and reduce oil consumption by 12 billion barrels.

"This historic agreement builds on the progress we’ve already made to save families money at the pump and cut our oil consumption," said Obama. "By the middle of the next decade our cars will get nearly 55 miles per gallon, almost double what they get today."

In addition to gas savings, fuel-efficient vehicles may have lower auto insurance premiums, as insurers have been known to offer discounts on cars that conserve energy.

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