Obama to announce new fuel standards

President Obama will announce the next round of vehicle fuel-economy standards Friday, according to the White House.

The new standards for model year 2017-2025 cars and light-duty trucks “will result in significant cost savings for consumers at the pump, dramatically reduce oil consumption, cut pollution and create jobs,” White House press secretary Jay Carney said in a statement Wednesday afternoon. 

Obama will make the announcement at the Walter E. Washington Convention Center in Washington, D.C.

The announcement comes as the Obama administration is nearing a deal with the country’s major automakers on the standards. Several news outlets reported Tuesday that the administration has proposed a 54.5 miles per gallon (mpg) by 2025 standard. Sources on and off Capitol Hill confirmed the number to The Hill.

Administration officials have held a series of closed-door meetings with the country’s major automakers in recent weeks to negotiate the standards.

The Detroit News reported Wednesday that major automakers like General Motors, Ford and Chrysler are expected to endorse the 54.5 mpg by 2025 plan, while Mazda has said it opposes the proposal. Executives from the major automakers are expected to join Obama for his announcement Friday.

The White House had originally floated a 56.2 mpg by 2025 standard. The proposal came under fire from the Michigan congressional delegation last week. The lawmakers argued that the initial plan was “overly aggressive and not reasonably feasible.”

The tighter fuel economy rules will build on the administration's 2012-2016 vehicle standards.

—This story was updated at 3:18 p.m.