Sets minimum annual fuel economy standards that manufacturers of cars and trucks must meet and levels they must reach by 2010.
Allows States to permit vehicles occupied by one person to use HOV lanes if a vehicle is a hybrid or runs totally on alternative fuel.
Directs the Secretary, with technical assistance from the Administrator, to devise a system in which manufacturers can sell credits earned for cars and trucks exceeding fuel economy standards.
Requires that trucks, as well as cars, display a label with environmental information such as fuel economy and annual fuel cost. Requires manufacturers to add a logo to the existing label or to add a separate green label detailing a vehicle's performance in meeting criteria developed by the Administrator on fuel economy and greenhouse gas and other emissions.