On July 29, President Obama announced an initiative, as part of an agreement with automobile manufacturers and unions, to increase the average fuel economy requirements to 54.5 miles per gallon by 2025 for cars and light-duty trucks which would reduce demand for oil imports by 6 billion barrels and save the economy $1.7 trillion in fuel costs. Additionally, the standards would reduce carbon dioxide emissions by 6 billion metric tons. The agreement would require automakers to increase the fuel economy of cars by 5 percent annually. However, light-duty trucks would be allowed to increase corporate average fuel economy (CAFE) more slowly, by 3.5 percent per year through 2021 and then by 5 percent annually through 2025.