Obama administration admits new fuel efficiency standard will raise new car costs $1,100+ 

That's the net effect of the Obama administration's ridiculous new fuel efficiency standards, according to the Institute for Energy Research:

In a best-case scenario, the Obama Administration says that its regulation will increase the price of a car by $1,100 per vehicle. Other estimates are much higher—a study by Global Insight found that this kind of regulation would increase power-train costs by $1,000 for small cars and $5,000 for larger vehicles.

I think we probably know better than believe the Obama administration's lowball estimate. And IER further observes that this is likely to kill 50,000 more jobs in the auto industry:

During the Bush Administration, the National Highway Transportation Administration estimated that imposing a mandate similar to Obama’s would destroy 50,000 jobs in the automotive industry.The reason is simple—if cars are more expensive, people will hold on to the cars they already have longer. That means, overall, car companies will sell fewer new cars.

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