Formula 1's governing body, the FIA, and the Grand Prix Manufacturers Association (GPMA), have reached an agreement to develop fuel-efficient engines for 2009.

FIA President Max Mosley had been proposing a three-year ban on engine development, with 2008 engines reverting to 2006 specs. The intention was to save costs, then switch over to fuel-efficient technology for 2009. He saw any interim developments as pointless and a waste of money.
The FIA has proposed that,
"From 2009, the Formula One technical regulations will include the means to promote fuel efficiency, including energy recovery and re-use." 
Features such as a push-button energy boost for passing could be in the future.
Representing manufacturers who also make road cars, GPMA members include BMW, DaimlerChrysler, Honda, Renault and Toyota. The GPMA wanted to continue limited tech development in the interim to keep the sport exciting for F1's global audience. The GPMA states that, "Cost-saving measures should not compromise competitiveness on the track and the spectacle for its fans."
The two organizations have agreed to reduce the interim time by enforcing the engine-development freeze after this year's Chinese Grand Prix in October, more than a year earlier than previously proposed.
What this means to you: Formula 1 is the technological pinnacle of motorsport. Technological developments in F1 get passed on to you, the consumer. We can expect rapid progress in engine performance while maintaining fuel efficiency, thus bringing the automotive world into the 21st century.
Source: Edmunds
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