EPA fuel economy standards are getting tougher: Here’s the payoff
Not often we equate environmental activism with the benefits of our own wallets, but with what is suggested by the latest release of the Environmental Protection Agency (EPA), lower expenses on your part may be the result. EPA’s new standard for standard greenhouse gas emissions for passenger cars and light trucks’ was released this week. These rules will apply to cars with internal combustion engines for the year of the model (I) 2023 to 2026. According to EPA, new emission standards can be achieved and affordable for the automotive industry and will help open the way to all-electricity and zero future emissions.
Greener Cars will Mean More Greenbacks in Your Wallet
Because many readers will be able to testify, gasoline prices are soaring lately. In fact, gas prices valuable around 58 percent more now than those carried out a year ago. In November, the price of gas gallons was $ 3.49 which was proportional to only $ 2.20 in November 2020 [Pew Research Center].
In some truly good news for motorists, new vehicle owners subject to collectively new emission standards will save between $ 210 billion and $ 420 billion to 2050 at fuel costs. For my 2026 vehicle, the total fuel savings will exceed the potential increase in vehicle costs more than $ 1,000.
Overall, it is difficult to see EPA’s new emission standards for passenger cars and light trucks as anything except victory for public owners and cars. The only loser, maybe, is the oil giant that continues to fight for their assets and investment into a clean energy solution to help compensate for the decline in oil and gas demand for the next few decades [McKinsey].
