So, I told you to keep an eye open for at least some development on the new form of CAFE standards. After some delay, NHTSA has announced that they will go after a modest reform of the standard for light trucks. The statutory language binds them from doing anything to the cars. I will go through the report tomorrow, and flesh out the details. However, expect this to be only a mild wiggling in the narrow space offered to NHTSA by the language of the law. In general, I would not expect the fuel economy standards to be raised by more than a mile or two per gallon over 2-4 years period (2009-2012). So, this is not going to be anything major.