Readout of the President's Meeting with Chairman Bernanke

The President and Chairman Bernanke met today in the Oval Office to discuss the economy and global recovery.  They were joined by Secretary Geithner, Chief of Staff Daley and NEC Director Sperling.  The President and the Chairman discussed the outlook for the recovery and for jobs as well as fiscal issues, including the need to tackle long-term deficit reduction.  They also discussed the situation in Europe.  This was the third time the President met with the Chairman this year.

President Obama to Travel to the Midwest on a Three-Day Economic Bus Tour

On August 15-17, President Obama will travel to the Midwest on a three-day economic bus tour, making stops in southern Minnesota, northeastern Iowa and western Illinois.  The President will discuss ways to grow the economy, strengthen the middle class and accelerate hiring in communities and towns across the nation and hear directly from Americans, including local families andsmall business owners.  The President knows we must do everything we can to promote economic growth, restore confidence in our nation’s future and restore the sense of optimism for future generations.

White House Announces First Ever Oil Savings Standards for Heavy Duty Trucks, Buses

Saving $50 billion in fuel costs and over 500 million barrels of oil

WASHINGTON – Today, President Obama will meet with industry officials to discuss the first of their kind fuel efficiency and greenhouse gas pollution standards for work trucks, buses, and other heavy duty vehicles and to thank them for their leadership in finalizing a successful national program for these vehicles.  This meeting marks the Administration’s announcement of the standards, which will save American businesses who operate and own these commercial vehicles approximately $50 billion in fuel costs over the life of the program.  The U.S. Department of Transportation (DOT) and the Environmental Protection Agency (EPA) developed the standards in close coordination with the companies that met with the President today as well as other stakeholders, following requests from companies to develop this program.  The cost savings for American businesses are on top of the $1.7 trillion that American families will save at the pump from the historic fuel-efficiency standards announced by the Obama Administrations for cars and light duty trucks, including the model year 2017-2025 agreement announced by the President last month.  

“While we were working to improve the efficiency of cars and light-duty trucks, something interesting happened,” said President Obama.  “We started getting letters asking that we do the same for medium and heavy-duty trucks.  They were from the people who build, buy, and drive these trucks.  And today, I’m proud to have the support of these companies as we announce the first-ever national policy to increase fuel efficiency and decrease greenhouse gas pollution from medium-and heavy-duty trucks.”

“Thanks to the Obama Administration, for the first time in our history we have a common goal for increasing the fuel efficiency of the trucks that deliver our products, the vehicles we use at work, and the buses our children ride to school,” said Secretary LaHood.   “These new standards will reduce fuel costs for businesses, encourage innovation in the manufacturing sector, and promote energy independence for America.”
“This Administration is committed to protecting the air we breathe and cutting carbon pollution – and programs like these ensure that we can serve those priorities while also reducing our dependence on imported oil and saving money for drivers,” said EPA Administrator Lisa P. Jackson. “More efficient trucks on our highways and less pollution from the buses in our neighborhoods will allow us to breathe cleaner air and use less oil, providing a wide range of benefits to our health, our environment and our economy.”

Under the comprehensive new national program, trucks and buses built in 2014 through 2018 will reduce oil consumption by a projected 530 million barrels and greenhouse gas (GHG) pollution by approximately 270 million metric tons. Like the Administration’s historic car standards, this program – which relies heavily on off-the-shelf technologies – was developed in coordination with truck and engine manufacturers, fleet owners, the State of California, environmental groups and other stakeholders.  

The joint DOT/EPA program will include a range of targets which are specific to the diverse vehicle types and purposes.  Vehicles are divided into three major categories: combination tractors (semi-trucks), heavy-duty pickup trucks and vans, and vocational vehicles (like transit buses and refuse trucks).  Within each of those categories, even more specific targets are laid out based on the design and purpose of the vehicle. This flexible structure allows serious but achievable fuel efficiency improvement goals charted for each year and for each vehicle category and type.  

The standards are expected to yield an estimated $50 billion in net benefits over the life of model year 2014 to 2018 vehicles, and to result in significant long-terms savings for vehicle owners and operators.  A semi-truck operator could pay for the technology upgrades in under a year and realize net savings of $73,000 through reduced fuel costs over the truck’s useful life.  These cost saving standards will also reduce emissions of harmful air pollutants like particulate matter, which can lead to asthma, heart attacks and premature death.

By the 2018 model year, the program is expected to achieve significant savings relative to current levels, across vehicle types.  Certain combination tractors – commonly known as big-rigs or semi-trucks – will be required to achieve up to approximately 20 percent reduction in fuel consumption and greenhouse gas emissions by model year 2018, saving up to 4 gallons of fuel for every 100 miles traveled.

For heavy-duty pickup trucks and vans, separate standards are required for gasoline-powered and diesel trucks. These vehicles will be required to achieve up to approximately 15 percent reduction in fuel consumption and greenhouse gas emissions by model year 2018. Under the finalized standards a typical gasoline or diesel powered heavy-duty pickup truck or van could save one gallon of fuel for every 100 miles traveled.

Vocational vehicles – including delivery trucks, buses, and garbage trucks – will be required to reduce fuel consumption and greenhouse gas emissions  by approximately 10 percent by model year 2018.  These trucks could save an average of one gallon of fuel for every 100 miles traveled.

Beyond the direct benefits to businesses that own and operate these vehicles, the program will also benefit consumers and businesses by reducing costs for transporting goods, and spur growth in the clean energy sector by fostering innovative technologies and providing regulatory certainty for manufacturers.

Readout of President Obama’s Phone Calls with President Zapatero and Prime Minister Berlusconi

The President spoke today with Spanish President Jose Luis Zapatero and, separately, with Italian Prime Minister Silvio Berlusconi about the latest developments in the eurozone crisis.  The President welcomed the measures pursued by Spain and Italy to address their immediate economic challenges and improve their competitiveness.  The President also consulted with President Zapatero and Prime Minister Berlusconi on the situation in Syria.  The leaders condemned the Assad regime’s continued use of indiscriminate violence against the Syrian people, and agreed to consult further on additional steps to pressure the Assad regime and support the Syrian people’s democratic aspirations.  President Zapatero and Prime Minister Berlusconi also expressed their condolences for the deaths of 30 American servicemen in Afghanistan on August 6th.  The President  noted that all ISAF members have made sacrifices in Afghanistan but our continued solidarity demonstrates the strength of our coalition.