Cooperation among multiple connected vehicles (CVs) brings swarm intelligence to our transportation systems and helps improve their performance. This study proposes a fuel economy optimization approach for a platooning vehicle swarm via distributed economic model predictive control (DEMPC). Within the DEMPC framework, each CV shares its assumed trajectory in the predictive horizon with its neighboring CVs at each control loop. With its neighbors’ and its own assumed trajectories, each CV first solves an open-loop control optimization problem for platoon formation, and then solves an open-loop economic optimization problem for direct fuel economy improvement. In particular, the optimal cost of the former optimization problem is used in the latter one to build an upperbound constraint for stability guarantee. The asymptotic convergence of assumed terminal states is given in the analysis, and the recursive feasibility of the two optimization problems are proved with an explicit constraint on the weight matrices in the open-loop control optimization problem. Based on these analyses, the asymptotic stability of the closed-loop system is finally proved through Lyapunov analysis. Numerical simulation results validate the effectiveness of the proposed approach in terms of closed-loop stability and fuel economy improvement. Note to Practitioners—This work aims to optimize the fuel economy for a swarm of vehicles running in a platoon. Existing approaches on platoon control mainly focus on the accurate tracking of the following vehicles, but this may cause aggressive control and hence lead to poor fuel economy. Therefore, this paper proposes a distributed economic model predictive control approach to explicitly optimize the fuel consumption rate of each vehicle. The proposed method can improve fuel economy and reduce communication requirements and burdens for platooning vehicle swarms. The paper assumes no communication time delay and packet drops, so the impact of unreliable communication will be studied in the future work.