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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle



Trump Meets in Detroit to Discuss Loosening Fuel Economy Rules

President Donald Trump made his way to Detroit earlier this week with an announcement. His announcement of the rollback of a stringent fuel economy, put in place during the Obama administration, would be experiencing a rollback. This message was meant to be a positive gesture to American automakers yet at the same time, it might slow the race toward the production of better efficient vehicles.

President Obama’s climate change legacy involved cutting heat-trapping carbon dioxide, which was just one of two fuel-economy rules. The rules were established back in 2012 and would have automakers nearly double the fuel economy of all new vehicles to 54.5 per gallon by 2025.

The doubling of the fuel economy would, in turn, cause automakers to increase the speed at which they began to develop more hybrid and fuel-efficient vehicles. This idea, along with the fuel economy rules, were highly accepted and anticipated by environmentalists and energy economists, those who are the main support system for the movement that requires the reduction of the nation’s dependence on all foreign oil.

It’s estimated that if the standards for fuel efficiency were to be placed in effect they would reduce the oil consumption by about 12 billion barrels. It would also aid in reducing the carbon dioxide pollution by around 6 billion tons across the lifetime of nearly all the vehicles that would be affected by the regulations. The Environmental Protection Agency told a source that those numbers are just a bit higher than the amount of oil consumed along with the amount of carbon pollution that was produced for over a year in the United States.

Yet despite those statistics, automakers believe that as far as technology goes, the move would be hard to make. In fact not long after their initial meeting with Trump at the oval office, General Motors, Ford, and Fiat Chrysler compelled him to go over President Obama’s rules and make an effort to revise them. It is thought that his recent trip to Detroit was to let the big three know that he plans on seeing their request through. Both he and the automakers can agree on the idea of slacker rules will aid in bringing about more manufacturing jobs.

However, just President Trump’s word won’t be enough to set the current standards for fuel efficiency backward. The E.P.A. and the Transportation Department still have to weigh I and that could take more than a year. Another key factor is a replacement for the standards. The Trump administration will have to put something up in place of the current regulations, and they’ll have until April 2018 to do so.

It would also seem that this is just one of Trump’s plans to dismantle President Obama climate policies. There’s another announcement a few weeks from now that will involve President Trump voicing his opinion on how the E.P.A. should get rid of the current regulations.

It is also predicted that the resolved policies put in place by the Trump administration would make it difficult for the U.S. to keep to the commitments that were made by the Obama administration under the 2015 Paris Agreement. The 2015 Paris Agreement committed nations to the reduction of greenhouse pollutions.

President Obama made a promise that the United States would work toward the reduction of its use pollutants and emission from tailpipe and smokestack by at least 27 percent from 2005 until 2025. Yet even after the regulations were made and the statement about reducing pollution was announced, automakers complained for months afterward.

The majority of the complaints were directed toward the challenge that the rules posed for technical purposes. It was believed that many of the new vehicles would be unable to meet the standard that had been proposed. It was even stated that most of the hybrid and even plug-in electric cars were excluded altogether.

To back up their complaints, automakers estimated that it would cost around $200 billion between 2012 and 2025 just to keep in compliance with the rules. Another major

In fact, around February, 17 companies that sell cars in the U.S. sent around 2 notices requesting that tailpipe rules be reconsidered. Those requests were considered to be “the single most important decision the E.P.A. has made in recent history.”

However, it’s predicted by economists that the rollback of the current fuel efficiency rules will increase the nation’s dependence on oil rather than decrease it like it had been initially planned.

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