Washington Post has the story:

President Obama today proposed tough standards for tailpipe emissions from new automobiles, establishing the first nationwide regulation for greenhouse gases.The proposal also raises fuel efficiency targets to 35.5 miles per gallon for new passenger vehicles and light trucks by 2016, four years earlier than required under the 2007 energy bill.

The president praised automakers, unions and political leaders for forging what he called a “historic agreement to help America break its dependence on imported oil.”

Statement from Energy and Commerce Chairman Ed Markey

Analysis from the Union of Concerned Scientists

[Update]: Warming Law weighs in.

Fact sheet from the White House below the fold (via email):

Good for Consumers:

Consumer Savings: This will save American consumers money over the long term in increased fuel efficiency.

Consumer Choice: The proposed new national policy will preserve consumer choice. The new rules will not dictate the size of cars, trucks and SUVs that manufacturers can produce; rather it will require that all sizes of vehicles become more energy efficient.

A Cleaner Environment: New policy will produce environmental benefits that will reduce air pollution from the reduction of greenhouse gas emissions and other conventional pollutants.

Good for the Economy:

Clear Rules: One national policy for all automakers, instead of three standards: a DOT standard, an EPA standard and a California standard that would apply to 13 other states.

Lower Costs: This national policy has the potential to lower compliance costs for automakers by avoiding a patchwork of fuel efficiency and pollution rules.

Flexibility: The new national policy provides the industry what any business wants: clarity, predictability and certainty concerning the rules. As importantly, it gives them flexibility on how to meet the expected outcomes and the lead time they need to innovate.

Good for the Country:

Energy Independence: The new policy will result in yearly 5% increases in efficiency from 2012 through 2016. The end product – - cleaner cars and reduced dependence on oil (1.8 Billion barrels of oil cumulatively, over the lifetime of the program) and significant reductions in greenhouse gas emissions (savings equivalent to taking 177 million of today’s cars off the road).

Effective Government: Historic collaboration between two agencies; breaking down silos and working towards a common goal and outcomes.

Bringing People Together: The national policy has the support of CEOs, Governors, the UAW, the environmental community and others around this first, comprehensive national policy.