To require higher standards of automobile fuel efficiency in order to reduce the amount of oil used for fuel by automobiles in the United States by 10 percent beginning in 2016, and for other purposes.

Amends federal transportation law to direct the Secretary of Transportation by regulation to prescribe (corporate) average fuel economy (CAFE) standards for automobiles manufactured after 2008 that ensure that the CAFE achieved by automobiles manufactured after 2015 is at least 33 miles per gallon, and meets other specified criteria. Authorizes the Secretary to establish separate standards for different classes of automobiles according to size.

Authorizes the Secretary to establish a CAFE credit trading program to allow a manufacturer that exceeds fuel economy standards to sell credits to another manufacturer.