Five Ways The Obama Administration Revived The Oil Industry By Reducing Oil Use

thinkprogress.org — The Obama administration is about to promulgate fuel-economy and carbon-pollution limits for 2017 to 2025 model cars. These essential standards will reduce oil use, save families money from lower gasoline purchases, create jobs, and reduce emissions responsible for climate change. Under these new standards U.S. companies will produce vehicles that employ modern fuel-saving technologies and ensure that their cars remain competitive with foreign models during future oil and gasoline price shocks. Recent events reemphasize the importance of reducing dependence on oil with its volatile price. Gasoline prices are rising again due to supply concerns related to sanctions on Iranian oil. In addition, the anticipation of economic growth that increases demand could enable speculators to bid up oil prices.

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