The Trump administration is set to finalize sharply lower vehicle fuel economy standards through 2031, reversing Biden-era requirements intended to improve efficiency and spur electric-vehicle production. President Donald Trump said he approved the rules, arguing they would lower new-vehicle prices and reduce costs for automakers and consumers. The Transportation Department proposed a fleetwide average of 34.5 miles per gallon by 2031, compared with 50.4 mpg under the Biden administration's standards, and estimated that the changes would reduce average new-vehicle costs by $930. The department also estimated the proposal would add about 100 billion gallons of fuel consumption through 2050, increase fuel spending by $185 billion and raise carbon dioxide emissions by about 5%. The move comes as U.S. drivers face higher fuel prices following the U.S.-Israeli war with Iran.