A day after President Obama urged Congress to expand offshore oil and gas exploration in the Gulf of Mexico and along the Southeast Atlantic Coast, the Obama Administration will roll out updated fuel economy standards for new cars and trucks.

It was last May that the President announced plans for the first significant increase in fuel mileage standards since Congress set them back in the 1970s, as this plan will require cars to get 39 miles per gallon by 2016, with light trucks going to 30 mpg.

Mr. Obama noted the new rules as he made his announcement Wednesday on offshore drilling, saying that "after decades in which we have done little to increase auto efficiency, those new standards will be finalized, which will reduce our dependence on oil while helping folks spend a little less at the pump."

"I'd also point out this rule that we're going to be announcing about increased mileage standards will save 1.8 billion -- billion barrels of oil overall -- 1.8 billion barrels of oil.  And that's like taking 58 million cars off the road for an entire year," he added.

The President also said that the feds are doing their part, by buying more hybrids for use by the government.

"In order to save energy and taxpayer dollars, my administration...is doubling the number of hybrid vehicles in the federal fleet, even as we seek to reduce the number of cars and trucks used by our government overall," the President said.  

"So we're going to lead by example and practice what we preach:  cutting waste, saving energy, and reducing our reliance on foreign oil."

While this plan can be completed by Executive Branch agencies, the President will need Congressional action to achieve major change on the offshore oil drilling front.  He made clear in his speech yesterday that he wants to see a broad energy bill get through the Congress this year.

"I'm open to proposals from my Democratic friends and my Republican friends," said the President, ringing the Bipartisan Bell in his remarks.

"I know that we can come together to pass comprehensive energy and climate legislation that's going to foster new energy -- new industries, create millions of new jobs, protect our planet, and help us become more energy independent."

We could see a bill later this month from Senators Kerry, Lieberman and Graham, who have been working on broad energy plan for weeks.

Whether it will actually attract GOP votes is another story.