All Cost, No Benefit | Jerry Taylor | Cato Institute: Commentary

All Cost, No Benefit | Jerry Taylor | Cato Institute: Commentary: "If the proposed fuel efficiency standards were in place today, Edmunds.com reports that only two cars — the 2010 Toyota Prius (50 mpg) and the 2009 Honda Civic Hybrid (42 mpg) — would meet the standard."

(Don't forget the Tesla)
If only a few cars meet that standard how many will in 7 years? And what about options with more passengers, cargo, towing, or safety?

"There is little dispute that, as a consequence, cars would become more expensive and industry profits more scarce. Even the Obama administration concedes that automotive costs would increase by $600 per car on average and that industry revenues would decline by $13 billion to $20 billion a year. Others offer larger figures, but it's difficult to peg costs with any certainty."

"U.S. emissions would likely decline, but reduced U.S. demand for crude would mean reduced global crude prices, which in turn would increase demand for — and consumption of — oil outside the USA. Eventually, most if not all our reductions might be offset by increases elsewhere.

Finally, drivers and passengers would be less safe. Plenty of hard evidence suggests that smaller, lighter cars equal more highway injuries and fatalities.

Reduced fuel consumption is not an end unto itself. It is a means to an end. These means wouldn't achieve the advertised ends."