With all the attention on the debt-ceiling, it was easy to miss some of the other news coming from Washington. The White House announced a proposed fuel-efficiency standard for passenger cars and trucks of 54.5 miles per gallon.
The U.S. consumes about 6.5 billion barrels of oil a year. About 60 percent of it is imported. Getting rid of these imports would have had the same impact in 2010 as a $300 billion dollar tax cut on American consumers and the American economy.