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The Obama administration introduced a new federal rule Thursday requiring cars and light trucks manufactured after 2016 to meet a fuel efficiency standard of 35.5 miles per gallon.

"The Clean Cars Program marks the first official action to control green house gas emissions from vehicles," Environmental Protection Agency (EPA) Administrator Lisa Jackson said during a conference call with reporters. "We expect to reduce green house emissions by the equivalent of 42 million cars over the life of the program."

A press release from Jackson's agency states that the standard will conserve nearly 2 billion barrels of oil throughout the life of the covered vehicles and will lower carbon monoxide emissions by 960 million tons.

Secretary of Transportation Ray LaHood highlighted the economic benefits of the requirement.

“These historic new standards ...[will] encourage new and emerging technologies,” said LaHood in a statement. "We will be helping American motorists save money at the pump."

While the rule takes full effect in 2016, auto-manufacturers will be required under the program to reduce green house emissions by approximately 5 percent annually starting in 2012.