The biggest increase in fuel standards in three decades could come soon. This week, the U.S. Senate approved an Energy Bill that would increase fuel economy standards by 40 percent by 2020. That means the current average of 27.2 miles per gallon for cars and 22.2 mpg for light trucks would rise to a new fleet wide average of 35 mpg.

The Energy Bill passage in the Senate came at a big cost to Democrats, however. In order to get it passed they had to give up their plan to strip $21 billion in tax breaks, mostly to oil companies, and use the money to subsidize renewable energy.

Democrats, who are hungry for any legislative victory before year's end, said it was better to get half of what they wanted than nothing at all. House Speaker Nancy Pelosi said, "We will fight another day."

The bill also expands the use of biofuels from 9 billion gallons next year to 36 billion gallons by 2022. Corn-based ethanol would still be subsidized, but the measure requires that by 2022, 21 billion gallons of biofuels come from other sources, such as switchgrass and wood chips.

It must still be signed by the President.