President Obama met with industry officials on Aug. 9 to discuss first of their kind fuel efficiency and greenhouse gas pollution standards for work trucks, buses, and other heavy-duty vehicles and to thank them for their leadership in finalizing a successful national program for these vehicles, according to the U.S. Department of Transportation (DOT).

This meeting marks the Administration’s announcement of the standards, which will save American businesses that operate and own these commercial vehicles approximately $50 billion in fuel costs over the life of the program.

The U.S. Department of Transportation (DOT) and the Environmental Protection Agency (EPA developed the standards in close coordination with the companies that met with the President today as well as other stakeholders, following requests from companies to develop this program.

The cost savings for American businesses are on top of the $1.7 trillion that American families will save at the pump from the historic fuel-efficiency standards announced by the Obama Administrations for cars and light-duty trucks, including the model year 2017-2025 agreement announced by the President in July.

“While we were working to improve the efficiency of cars and light-duty trucks, something interesting happened,” said President Obama. “We started getting letters asking that we do the same for medium and heavy-duty trucks. They were from the people who build, buy, and drive these trucks. And today, I’m proud to have the support of these companies as we announce the first-ever national policy to increase fuel efficiency and decrease greenhouse gas pollution from medium-and heavy-duty trucks.”

LaHood says the new standards will reduce fuel costs for businesses, encourage innovation in the manufacturing sector, and promote U.S. energy independence.

EPA Administrator Lisa P. Jackson adds: “This Administration is committed to protecting the air we breathe and cutting carbon pollution – and programs like these ensure that we can serve those priorities while also reducing our dependence on imported oil and saving money for drivers. More efficient trucks on our highways and less pollution from the buses in our neighborhoods will allow us to breathe cleaner air and use less oil, providing a wide range of benefits to our health, our environment and our economy.”

Under the comprehensive new national program, trucks and buses built in 2014 through 2018 will reduce oil consumption by a projected 530 million barrels and greenhouse gas (GHG) pollution by nearly 270 million metric tons.