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Gasoline taxes are taxes imposed on the sale of gasoline, raising the price for consumers and encouraging them to limit their gasoline consumption. On the other hand, fuel economy standards are government-imposed regulations that require vehicle manufacturers to achieve a certain average level of fuel efficiency (miles per gallon) for the vehicles they produce.

Gasoline taxes are effective at reducing overall fuel consumption by making gasoline more expensive, thereby leading people to drive less, choose more fuel-efficient vehicles, and be more conscious of their driving habits. The increased cost of gasoline directly impacts the driver's behavior, making it an effective way to reduce fuel consumption and emissions from all vehicles within the fleet, both old and new. This encourages a faster transition towards cleaner and more fuel-efficient vehicles, also reducing the demand for gasoline which can lead to decreased environmental impacts.

Fuel economy standards require manufacturers to produce vehicles that meet specific fuel efficiency criteria. While this does result in the production of more fuel-efficient vehicles, its effect on reducing emissions from the vehicle fleet can be limited in the short run and only truly effective on new vehicles entering the market. However, in the long run, the overall fleet will experience improvements in average fuel efficiency, leading to reduced emissions. Additionally, fuel economy standards also promote the development of new technologies that increase efficiency and reduce emissions, as manufacturers strive to meet the required standards.

Both gasoline taxes and fuel economy standards have their advantages and disadvantages when it comes to reducing emissions. Gasoline taxes are usually more effective in the short term, as they influence consumer behavior and impact both old and new vehicles. They can, however, be seen as regressive, disproportionately impacting lower-income individuals who spend a larger share of their income on gasoline. Fuel economy standards, on the other hand, ensure that new vehicles entering the market are fuel efficient and thus contribute to reducing emissions in the long run. The drawback here is that it may take a while for older, less fuel-efficient vehicles to be replaced with newer models, so the impact on overall emissions reduction from the vehicle fleet might be slower. Additionally, this policy may not impact consumers' driving habits directly.

In conclusion, while both gasoline taxes and fuel economy standards contribute to increasing fuel efficiency in new vehicles, gasoline taxes are generally considered a more effective way to reduce overall emissions from the vehicle fleet. This is largely due to the fact that gasoline taxes directly impact consumer behavior and affect all vehicles, whereas fuel economy standards mainly affect emissions from new vehicles and rely on the gradual replacement of old vehicles to realize their full potential in reducing emissions.