ABC News’ Mary Bruce (@marykbruce) Reports:
Following Wall Street’s nosedive yesterday, today President Obama will focus on new energy development, a measure he believes will help boost economic growth.
This morning, Obama will visit Interstate Moving Services in Springfield, Va., to announce first of their kind fuel efficiency standards for work trucks 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.
This afternoon the president will meet privately with Treasury Secretary Tim Geithner at the White House.
UPDATE 9:26 a.m.: The White House released a statement this morning saying the president will no longer visit Interstate Moving Services today. The press briefing that was scheduled is cancelled. President Obama will now discuss the fuel efficiency standards with industry officials in a closed-door meeting this morning.