Obama has made boosting fuel efficiency a cornerstone of his energy and climate policy.

Still, some analysts expect demand from emerging markets will more than compensate, boosting fuel consumption down the road.

Oil majors were higher as temperatures in Europe and the U.S. Northeast looked set to remain below zero this week, boosting fuel demand.

Boosting fuel efficiency cuts emissions, and to that end Felisa has said Ferrari will improve the fuel economy of its cars 40 percent by 2012.