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Corporate Average Fuel Economy
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Corporate Average Fuel Economy
The foreshadowed Market Failures of the mid 1970's gave way to Corporate Average Fuel Economy, regulation which would call for new standards in automobile fuel efficiency. The market failures hinged on a number of outside variables which could have had a drastic effect on domestic markets. Resource Scarcity drove the American public to call for a more efficient means of managing its resource use due to a) oil embargos on nondomestic products and b) skyhigh prices at the pump. Conservation of the world's non-renewable resources cams to the foreground with a) higher pump prices and b) forecasted resource expenditure before the year 2000. With Corporate Average Fuel Economy in place the market failures should be partially alleviated and pressures due to restricted international resources should subside. The regulated fuel efficiency should allow the market to resume its national flow and regain stability without further manipulation. Reliance on imported fuels would be minimized because of the a) decreased demand for fuel consumption and b) lowered fuel demand allowed for domestic producers to meet the basic needs of the public. Maximum fuel efficiency would a) cut the amount of fuel consumption thus nullifying high pump prices and b) raise the level of conservation by lowering the amount consumed. Although the intentions of Corporate Average Fuel Economy in the 1970's was thought to be a cure-all bu...
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