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TheStreet Open House

How Obama Victory Could Affect Areas Of US Economy

â¿¿ AUTO INDUSTRY:

Obama will likely seek to further boost fuel economy standards. He's already raised the standards twice. This year, he required automakers to double their vehicles' average fuel economy to 54.5 miles a gallon by 2025.

Obama set an ambitious goal in 2011 to put 1 million electric vehicles on the road by 2015. Fewer than 30,000 electric cars have been sold in the United States this year. He wants to raise a $7,500 tax credit for electric cars to $10,000.

The president has asked the World Trade Organization to rule on Chinese subsidies for autos and auto parts and its import duties on U.S. autos. He's awaiting a decision.

â¿¿ ENERGY:

The boom in U.S. oil and gas production during the president's first term will likely continue, thanks largely to new drilling techniques. But drilling could slow if the Environmental Protection Agency toughens rules governing a controversial technique called hydraulic fracturing.

Obama backs the idea of a federal clean-energy standard that would require the country to use more low-carbon energy sources, such as wind and solar for electricity and advanced biofuels and batteries in cars.

But Republican opposition is so strong it's doubtful Obama could muster enough support in Congress for it. There would be bipartisan opposition to any administration effort to regulate emissions of carbon dioxide and other gases that scientists say contribute to climate change.

â¿¿ HEALTH CARE:

Obama's victory preserves his health care overhaul, which aims to cover millions of uninsured Americans. The law requires everyone, with certain exceptions, to have insurance or pay a penalty. It calls for the expansion of Medicaid. And it requires online exchanges where people can shop for coverage.

Health insurers, which have struggled to increase enrollment in a tough economy, will gain new customers. But the industry pays for that growth. Insurers will have to cover fees totaling $8 billion in 2014 and topping $14 billion by 2018. Those fees will go to the government to help cover the cost of expanded care.

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