The White House hyped as historic the announcement Tuesday of an improved national standard for vehicle fuel economy and greenhouse gas emissions. And for once, the publicists apparently were not overselling. The national standards will provide environmental and economic benefits for both automakers and consumers.

The new Corporate Average Fuel Economy, or CAFE, standard applies to all cars and light trucks sold in the U.S. It requires fuel economy increases of 5 percent each year, with the average fuel economy for cars reaching 35.5 mpg by 2016. The standards are stricter than those Congress passed in 2007, which required an average fuel economy of 35 mpg by 2020.

The standard also incorporates California’s stricter emissions rules.

The rules are expected to save 1.8 billion barrels of oil and reduce greenhouse gas emissions by 900 million metric tons.

Historically, American automobile manufacturers have fought any proposal for improved gas mileage or emission standards, but the new standards have almost unprecedented buy-in from car makers. Car manufacturers likely have little choice but to agree to improvements given the large taxpayer handout many received. But automakers’ acceptance of the standards also stems from the benefits of having unified standards and regulatory certainty.

Ford CEO Alan Mulally, General Motors President Fritz Henderson, Chrysler CEO Bob Nardelli and many other car manufacturer leaders were with President Obama in the Rose Garden when he made the announcement.

“In the past, an agreement such as this would have been considered impossible,” Obama said. “That is why this announcement is so important, for it represents not only a change in policy in Washington, but the harbinger of a change in the way business is done in Washington.

“As a result of this agreement, we will save 1.8 billion barrels of oil over the lifetime of the vehicles sold in the next five years.

“And at a time of historic crisis in our auto industry, this rule provides the clear certainty that will allow these companies to plan for a future in which they are building the cars of the 21st century.”

The new CAFE standard also garnered approval from the majority of the other interested parties, including state governments, the U.S. Department of Transportation, which manages fuel economy, and the U.S. Environmental Protection Agency, responsible for air-quality oversight.

The country has long needed to improve the fuel economy and environmental friendliness of the vehicles on U.S. roads. But political will was always lacking. This rule, which will decrease our country’s dependence on foreign oil, helps consumers by decreasing the amount of money they have to spend on gasoline and improve air quality, is one for the history books.