As the statewide average price for a gallon of regular unleaded gasoline sits at $3.45, many Marylanders are feeling the pinch at the pump. Nationally, prices have been stable as of late, though some states are seeing decreases, and a smaller number of states are seeing increases in the price of gas. Fortunately, higher fuel efficiency standards are on the way, meaning you’ll get more bang for your buck. However, you’re going to have to wait awhile.
The Obama administration announced last week that by the Model Year 2025 (which will be rolling off production lines in 2024), fuel economy standards for cars and light-duty trucks will be set at a minimum of 54.5 miles per gallon. The administration stated that, combined with its previous increase in fuel efficiency standards, that fuel efficiency for these Model Year 2025 vehicles will be nearly double that of those on the road today. The administration also estimated that in total, the new standards together, “will save consumers more than $1.7 trillion at the gas pump and reduce U.S. oil consumption by 12 billion barrels.” It also estimates that for those who purchase a Model Year 2025 vehicle, “the net savings will be comparable to lowering the price of gasoline by approximately $1 per gallon.”
The standards were issued by the U.S. Department of Transportation and the U.S. Environmental Protection Agency, and were developed in conjunction with the United Auto Workers, automakers, consumer groups, and environmental and energy experts, among others. Read more at the official press release here.
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