NEW YORK (MainStreet) — President Barack Obama announced new fuel efficiency standards Friday requiring auto manufacturers to ensure between 2017 and 2025 that their fleet of cars and light trucks get an average of 54.5 miles to the gallon.

The fuel guidelines, which are the product of much back-and-forth between the White House and many of the nation’s major auto companies, would effectively double current gas standards, which require an average of just 27.3 mpg.

Not only would this save the country some 12 billion barrels of oil in gas consumption by 2025, but according to White House estimates, U.S. consumers will end up saving some $1.7 trillion in gas costs.

While the policy represents a significant improvement in gas consumption, several cars on the market already meet these guidelines or come very close.

The Nissan Leaf gets 106 mpg in the city and 92 mpg on highways; the Smart Fortwo Electric Drive Coupe and Cabrolet cars get 94 mpg in the city and 79 mpg on highways; and the Chevy Volt, a plug-in hybrid, gets up to 95 mpg for electric usage and up to 40 mpg when using gas. Finally, the Toyota Prius, a hybrid, gets up to 51 mpg in the city and 49 on the highway, falling just short of the target.

On the other hand, there are plenty of cars with a long way to go to meet the new standard. The Cadillac CTS Wagon gets just 12 mpg on city streets and 18 mpg on highways, and the Mercedes-Benz E350 4matic, another station wagon, gets 16 mpg in the city and 23 mpg on highways.

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