Automakers Mostly OK With Landmark Fuel-Economy Bill

After stalling major overhauls of fuel-economy standards for over two decades, and being dragged kicking and screaming into an agreement on new mileage requirements, the auto industry seems content that the compromise reached Saturday is basically a fair deal. Under this agreement, automakers will be required to increase average fleet mileage to 35 mpg by 2020, representing a 40% increase over the current standards of 27.5 for cars and 22.2 for trucks. General Motors CEO Rick Wagoner said that while the new standard would "pose a significant technical and economic challenge to the industry," GM was up to the task. Toyota took it a step further, claiming it would beat the government to the punch instead of waiting for the standards to take effect. According to the Union of Concerned Scientists, the hike will reduce oil imports by 1.1 million barrels a day, "or roughly half of the daily U.S. daily oil gulp from the Persian Gulf." More details at freep and Detroit News.