60 MPG By Labor Day 2025?
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Washington, D.C. - As the Labor Day travel weekend wraps up, there's a new push to save consumers money at the gas pump by setting the federal fuel economy standard at 60 miles per gallon (mpg) by 2025.
Mark Cooper, research director for the Consumer Federation of America says 60 mpg vehicles are possible, they're what consumers want, and there's no requirement to go electric.
"All the technology we're talking about is all technology that's well known, and the key, we think, is to pick a long term target, set it high, and let them work towards that target."
Cooper says those technologies may mean more expensive vehicles, but their analysis shows the typical car buyer will save over $1,000 in gas costs 'over and above' that increased car price by the time the auto loan is paid off.
He adds that 60 mpg cars and trucks would even save consumers money at the starting line.
"The fuel savings in the first month is bigger than the increase in the auto loan payment. From the consumer point of view this is a winning idea."
The Obama administration is gearing up for a new set of fuel economy standards. The current goal is 35 mpg by 2016.