According to The Wall Street Journal, Obama said the new rules will give automakers "clear certainty" while their businesses are enduring an "economic crisis."
The White House's statement said the new fuel standard is expected to save 1.8 billion barrels of oil over the program's life and reduce greenhouse gas emissions by 900 million metric tons.
The fuel policy is a result of collaboration between the U.S. Department of Transportation, U.S. Environmental Protection Agency, the world's largest auto manufacturers, the United Auto Workers, leaders in the environmental community, California and other state governments, according to the statement.
For more information read The Wall Street Journal's article.