2Center or American Progress | 5 Ways the Obama Administration Revived the Auto Industry by Reducing Oil Use
Tere was no one that could have picked up those pieces other than the ederal government.
In a jus-published book,
Te New New Deal
magazine reporer Michael Grunwaldconcluded ha he auo-assisance program saved GM and Chrysler and prevenedhese wo companies rom dragging down he res o he U.S. indusry, paricularly sup-pliers. He deermined ha:
His [Obama’s] overhaul o the auto industry would become a stunning success, mini-mizing taxpayer losses, avoiding erasure o countless jobs, and restoring the Big Tree[Ford, GM, and Chrysler] to protability.
In addiion o he successul bridge loans here are ve oher major Obama adminisra-ion policies ha helped he auo indusry and he naion by creaing jobs, reducing oiluse, saving amilies money, and cuting polluion:
Fuel-economy and carbon-polluion sandards or 2012 o 2016 model cars sparked job growh in auomobile manuacuring and increased auomobile sales.
Fuel-economy and carbon-polluion sandards or 2017 o 2025 model cars willdouble heir uel economy and reduce oil use by 2 million barrels per day.
Te Recovery Ac invesed in uel-ecien vehicle research and developmen o spur job growh and increase inernaional compeiiveness.
Federal loans helped conver acories o he producion o uel-ecien vehicles.
Te “Cash or Clunkers” program increased vehicle eciency and helped save heauo indusry by jump saring demand during he dephs o he Grea Recession. We review hese below.
1. Fuel-economy and carbon-pollution standards for 2012 to 2016model cars sparked job growth in automobile manufacturing andincreased automobile sales
In May 2010 Presiden Obama nalized new, modern uel-economy sandards or hers ime in wo decades. Working wih U.S. and oreign auo companies, he Unied Auo Workers, saes, and oher sakeholders, he adminisraion developed a plan o improveuel economy o 34.5 miles per gallon or model year 2016 vehicles. Implemenaion o hese sandards are one o he reasons ha U.S. oil use and impors are lower.U.S. gasoline consumpion in he rs hree monhs o 2012 was down 124,000 barrels o oil per day compared wih his ime las year. Te Energy Inormaion Adminisraion cieshe improvemens in uel eciency as one o hese reasons, noing he sandards “helpreduce gasoline consumpion, as more ecien vehicles use less uel or each mile driven.”
A 21st century autoindustry that iscreating new jobs,unleashing newprosperity, andmanuacturing theuel-efcient carsand trucks that willcarry us towards anenergy-independentuture.
—President Barack Obama