CNN Money has a great write-up of new fuel economy standards announced Tuesday by the Obama administration:

NEW YORK (CNNMoney) - The Obama administration finalized new fuel economy rules Tuesday that within 12 years will almost double today's standard for cars and light trucks to 54.5 miles per gallon.

The rules, which have been in the works for several years, will add thousands of dollars to the cost of new cars. But in the long run, regulators say, drivers will spend less on gas, outweighing the additional cost at the dealership. They say the rules will also help reduce the nation's oil imports from OPEC by about half.

The standard takes effect in 2024 when 2025 model-year cars begin to hit dealer lots.

FULL STORY