The Obama administration, through the EPA and the DOT, on Tuesday released new Corporate Average Fuel Economy (CAFE) standards that mandate a national fleet average of 54.5 MPG by the year 2025. That figure was the result of negotiations with automakers, state officials and environmental activists. Despite the industry’s apparent support, Republican presidential nominee Mitt Romney’s campaign called them “extreme”. President Obama responded by implying that Romney was some kind of 19th century Luddite, suggesting that the former Massachusetts prefers steam engines. (Read More…)