manufacturing employment, highway travel, fatalities, fuel consumption, and CO 2 and other emissions. Based on these impacts, the system calculates costs and benefits from private and social perspectives. 17. Key Words Corporate Average Fuel Economy standards, CAFE, CO 2 standards, GHG standards, vehicles, fuel-saving technology, fuel savings, BERKELEY, CA—AUG. 5, 2021—President Biden today announced the U.S. Environmental Protection Agency and the Department of Transportation will reinstate more ambitious Corporate Average Fuel Economy (CAFE) standards after being rolled back by the Trump administration. The new rules replace the Trump administration’s much looser restrictions announced in March 2020. Those rules called for a yearly 1.5-percent increase in CAFE standards through 2025, which economy for passenger cars and a 2.0 percent average annual increase in fuel economy for light trucks for MYs 2021–2026. • Alternative 5. Alternative 5 would require a 1.0 percent average annual fleet-wide increase in fuel economy for passenger cars and a 2.0 percent average annual increase in fuel economy for light trucks for MYs 2022–2026. CAFE DATA BOOK (Appendix I) Corporate Average Fuel Economy Standards for Passenger Cars and Light Trucks for Model Years 2027 and Beyond and Fuel Efficiency Standards for Heavy-Duty Pickup Trucks and Vans for Model Years 2030 and Beyond July 2023 Corporate Average Fuel Economy standards for model years 2017–2021 and issuing augural standards for model years 2022–2025 under the Energy Policy and Conservation Act, as amended by the Energy Independence and Security Act. NHTSA will set final standards for model years 2022–2025 in a future rulemaking. EPA is finalizing the Corporate Average Fuel Economy standard Thomas Klier* and Joshua Linn** By 2016, the Corporate Average Fuel Economy (CAFE) standard will increase by 40%. This article focuses on the medium-run effects of fuel economy regulation. We estimate consumers' willingness to pay for vehicle characteristics. We employ a novel empirical strategy that New Vehicle Fuel Economy Standards. NHTSA sets annual fuel economy or efficiency requirements for passenger cars, light trucks, and heavy-duty pickup trucks and vans (HDPUVs). By statute, these standards must represent “the maximum feasible average fuel economy level that [NHTSA] decides the manufacturers can achieve in that model year.”. X08y2ZB.