Obama's new fuel standards could add $2,000 to price of cars, cost $157 billion

The White House says the fuel standards will save 12 billion barrels of oil, reduce oil consumption by 2.2 million barrels a day — about one-fourth of the oil the country imports — and save consumers more than $8,000 a vehicle in fuel costs by 2025.

However, the rules have worried several automobile trade groups, including the National Automobile Dealers Association and Alliance of Automobile Manufacturers.

“The proposed regulations present aggressive targets, and the administration must consider that technology break-throughs will be required and consumers will need to buy our most energy-efficient technologies in very large numbers to meet the goals,” Mitch Bainwol, chief executive officer of the Alliance of Automobile Manufacturers, said in a statement to Bloomberg.

Republicans, too, have panned the proposed standards.