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Pres. Obama on Auto Efficiency Standards
Solution:
- Target: Eliminate current oil imports from the Middle East and Venezuela within 10 years.
- Increase fuel economy standards 4% per each year and double them in 18 years.
- Put 1 million plug‐in hybrid cars on the road by 2015.
- Give $7,000 tax credit for advanced technology vehicles, as well as conversion tax credits.
- Establish a National Low Carbon Fuel Standard (LCFS) to require fuel suppliers in 2010 to begin to reduce the carbon of their fuel by 5% within 5 years and 10% within 10 years.
- Convert the entire White House fleet to plug‐ins in 1 year.
- Ensure half of all cars purchased by the federal government will be plug‐in hybrids or all‐electric by 2012.
- Provide $4 billion retooling tax credits and loan guarantees for domestic auto plants and parts manufacturers.
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