Last month, the Trump Administration announced that it would replace fuel efficiency standards enacted by the Obama Administration in order to make cars safer and more affordable. The new proposal unveiled by the Environmental Protection Agency and the Department of Transportation would freeze Corporate Average Fuel Economy (CAFE) rules from 2020 through 2026. Under the Obama plan the targets were set to rise each year. The Trump Administration estimated that the new rules could prevent 1,000 fatalities each year and reduce the cost of a vehicle by more than $2,300. They also claimed that the new rules would have a minimal relative impact on carbon dioxide emissions (probably true), but they acknowledged that the change would result in 2-3 percent higher oil consumption. The administration downplayed the impact of increasing oil consumption by an estimated 0.5 million barrels per day, stating in the proposal: “The U.S. is currently producing […]