Biden administration sets 50 miles per gallon fuel economy standard for 2031
Biden administration sets 50 miles per gallon fuel economy standard for 2031
The fuel savings translate into about $600 less in gas costs over the life of a new vehicle, the government projects.
The new standards are part of a broad push to get more Americans into electric vehicles, and reduce the environmental cost of driving.
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The fuel savings translate into about $600 less in gas costs over the life of a new vehicle, NHTSA projects.
I don't understand this. Let's be extra safe and say I currently drive a car that gets 30 mpg 15k miles per year and the average fuel price was $3.60. If I switched to a vehicle that got 50 mpg, my savings per year alone would be $720.
15,000 mi / 30 mi/g x $3.60/gal = $1,800
15,000 mi / 50 mi/g x $3.60/gal = $1,080
$1,800/yr - $1,080/yr = $720/yr
Still being extra safe, let's assume the car only makes it 100k miles, that's a savings of ~$4,800 for the life of the vehicle.
100,000 mi / 15,000 mi/yr = 6.67 yr
6.67 yr x $720/yr = $4,802.40
$4,800 > $600
Again, this is being safe with a car that is fuel efficient, a person that travels a relatively short amount, and with low fuel prices. What am I misunderstanding??
Maybe that is compared to the current fuel efficiency standard? The current standard for cars is 46 mpg.
It also assumes gas prices don’t go up!