From the WH fact sheet:
The proposed national autos program adopts uniform federal standards to regulate both fuel economy and greenhouse gas emissions while preserving the legal authorities of DOT, EPA and California. The program covers model year 2012 to model year 2016 and ultimately requires an average fuel economy standard of 35.5 mpg in 2016. The result is a projected reduction in oil consumption of approximately 1.8 billion barrels over the life of the program and a projected total reduction in greenhouse gas emissions of approximately 900 million metric tons. This groundbreaking policy is good for consumers, good for the auto industry and it helps our country by reducing pollution and promoting energy independence.
Ten car companies and the UAW have embraced the national program because it provides certainty and predictability to 2016 and includes flexibilities that will significantly reduce the cost of compliance. The program also honors President Obama’s commitment to reconsider the denial of the California waiver by the Bush Administration.
Good to see this diverse group come together and reach agreement on this - ending the dependence on foreign oil and fossil fuels is paramount to both national security and taking steps to fight global warming. Thank you, President Obama, for making this a priority.