"The White House is finalizing rules on the first U.S. greenhouse gas emission standard for automobiles, which would raise average fuel economy 42 percent by 2016 in a bid to slash oil imports and fight climate change.

The Environmental Protection Agency and the Transportation Department sent the final rules this week to the White House's Office of Management and Budget, according to a notice posted on the OMB website.

The higher mileage requirements will reduce U.S. greenhouse gas emissions by 900 million metric tons and save 1.8 billion barrels of oil over the life of vehicles built during the 2012-2016 model years, according to the EPA.

The projected savings over the life of the plan amounts to about four months of current fuel consumption in the United States, the biggest petroleum consumer, with demand at close to 19 million barrels per day.

The rules would aid the Obama administration's efforts to cut U.S. greenhouse gas emissions, especially if Congress fails to pass legislation to fight global warming."

Tom Doggett reports for Reuters March 11, 2010. [2]