The Environmental Protection Agency (EPA) on Monday is set to announce a new fuel rule that will mimic California's by mandating a two-thirds cut in the level of sulfur in gasoline.

Specifically, the rule will require the oil industry to reduce sulfur in gasoline from 30 parts per million to 20 parts per million. The result would be cleaner air and less smog, according to a report in the Chicago Tribune.

EPA spokeswoman Alisa Johnson, when queried, would only say, "We're continuing to work to finalize the rule and will announce it once it's ready."

According to the American Petroleum Industry (API), if the rule goes into effect, the oil industry will face an estimated $10 billion in capital outlays and $2.4 billion annually in compliance costs, all of which would no doubt be passed on to consumers, though that was left unsaid.