ZUMAPRESS.com / MEGA; MEGAPresident Donald Trump has approved new fuel economy standards that could make new cars cheaper to buy but more expensive to keep fueled.Trump, 80, announced on Saturday, September 26, that he approved new Corporate Average Fuel Economy standards, commonly known as CAFE standards, according to a report from Reuters. The new requirements roll back the previous standards put in place by the Biden administration.Under the finalized rules, new cars and trucks are projected to average about 34.5 mpg by 2031, down significantly from the 50.4 mpg projected under the Biden-era rules, according to Reuters.The Trump administration has argued that the less stringent requirements will give automakers more flexibility and ultimately lower the price consumers pay for new vehicles.BONNIE CASH/UPI/Newscom/The Mega Agency"These new Standards will take the waste out of building cars in America. That means LOWER PRICES, saving families thousands on a new, beautiful, and safe car," the former reality TV star wrote in a message on Truth Social. "Far better than the Environmental Monsters that we were building heretofore. Every Manufacturer, from General Motors to Ford to Stellantis, has called me wanting to build here, and now they can!"However, there could be a tradeoff for drivers at the gas pump.According to Reuters, the Transportation Department estimated the administration's December proposal estimated the changes would reduce the average upfront cost of a new vehicle by about $930. At the same time, the government projections estimated Americans would consume roughly 100 billion additional gallons of fuel through 2050 and spend about $185 billion more on fuel.Read More From First For AutosGeneral Motors Balked After Man's Brand-New $59K Chevy Silverado Needed New Engine After 1,240 MilesBoys, 12 and 13, Accused of Stealing 11 Cars by Targeting Certain Kia and Hyundai ModelsTwo Major American Car Brands Just Suffered the Biggest Drop in Customer SatisfactionThis story President Trump Approves New Fuel Economy Rules That Could Make Cars Cheaper But Gas Bills Higher first appeared on First For Autos. Follow First For Autos on Yahoo so you don't miss what's coming next.