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May 19, 2009 Tough new fuel standards on the wayPosted: 09:10 AM ET
President Obama will announce tough new fuel standards today, and they may end up costing you more money. According to administration officials, Obama's proposed changes, along with the cost of already enacted fuel economy standards, will add about $1,300 to the cost of a vehicle by the year 2016. However, the fuel efficiency regulations could make up for the cost in the money you'll save on gas. Writer Lauren was kind enough to do the math for us. - 10,0000 miles per year divided by 27.5 miles per gallon = 363.6 - Multiply that times today's average cost for gallon of gas: $2.31 x 363.6 = $840 - 10,0000 miles per year divided by new standard of 39 gallons = 256 - Multiply that times today's cost for a gallon of gas: $2.31 x 256 = $592 Under Obama's plan, in a passenger car that gets 39 miles per gallon, you'd get a 30% savings on the cost of gas for your car. Is it worth it to you to spend a bit more on the initial cost of the car if you cut back on gas costs over time? Let us know what you think in the comments field below! Posted by: Political Correspondent Richard Lui, TV/Web producer Kate Taylor, Writer Lauren
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