Repealing Fuel Economy Standards To Cost American Households Nearly $1000 Per Year
“Across the board — cars, crossovers, SUVs, minivans, and pickups — the fuel efficiency of vehicles have continued to climb steadily, even just during the past decade. An economic analysis details the impact that the impact that this can have on the typical American household. For middle-income families, defined as households making under $100,000 in 1980 and under $120,000 in 2014, transportation costs make up a total of approximately 20% of total expenditures, a figure that rises to 30% for low-income families. Yet the increased fuel economy alone has saved families a tremendous amount: an estimated $17,000 over the 1980-2014 time period.”
Earlier this year, EPA administrator Scott Pruitt and the Trump Administration announced their plans to roll back the Obama-era regulations on fuel economy standards. Since 1975, the first year that fuel standards were enacted, the savings to Americans has been tremendous: a total of 1.5 trillion gallons of gas have been saved, resulting in a direct cost savings of approximately $4 trillion to US consumers. Meanwhile, the costs have been borne by the automotive industry, not passed along to customers, resulting in a huge boon to the American economy across-the-board. It’s the low-and-middle income American families that benefit the most, and a rare case where the science and math support a universal conclusion, regardless of political affiliation.