(WASHINGTON) -- Following Wall Street’s nosedive on Monday, President Obama will shift his focus Tuesday morning to new fuel efficiency standards, a measure he believes will help boost economic growth.
The president will hold a closed-off meeting at the White House with industry officials to discuss the first of their kind fuel efficiency standards for work trucks, buses and heavy-duty vehicles. The announcement builds on the new fuel efficiency standards for automakers that the president unveiled last month.
Obama will outline new fuel consumption standards for three vehicle categories, which the administration claims will save a projected 530 million barrels of oil and $50 billion in fuel costs for consumers as well as reduce greenhouse gas emissions.
By 2018, big rigs and semi trucks will be required to achieve up to 23 percent in fuel reduction and green house gas emissions; heavy duty pick-up trucks and vans a 10 percent reduction in fuel consumption; delivery trucks, buses and garbage trucks will need to show a 9 percent reduction in fuel consumption.
Later in the day, the president will meet privately with embattled Treasury Secretary Tim Geithner at the White House.
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