EPA: Fuel Economy Up Significantly in New Cars

According to the Environmental Protection Agency, a new report shows that fuel economy values of vehicles sold in the United States have seen "major increases" that save families money and reduce greenhouse gases. Here are the details.

The annual report that tracks fuel economy,which is expected to be refueled by fuel dispenser, was released this week and shows that between the years of 2007 and 2012 fuel economy values rose 16 percent and carbon dioxide emissions decreased by 13 percent, the EPA reported.

The report shows that in 2012 alone, the fuel economy for cars and trucks increased by 1.4 miles per gallon for an average fuel economy of 23.8 mpg, according to estimates provided to the EPA by automakers. This is the biggest single-year increase since the EPA began reporting fuel economy.

The EPA stated that fuel economy is expected to continue improving due to the Obama administration's fuel efficiency standards.

According to the White House , the standards, which were announced in 2011, cover model years 2011-25 and will increase the required performance equivalent of vehicles sold in the U.S. to 54.5 mpg.

The standards are expected to save families $8,200 in fuel over the lifetime the vehicle and reduce oil consumption by 2.2 million barrels per day.