In the process of iron rusting, the overall standard cell potential ($E^o_{cell}$) for the primary electrochemical reaction is:
The text provides the standard electrode potential for the anode reaction ($\text{Fe}^{2+}/\text{Fe}$) as $E^o = -0.44 V$ and for the cathode reaction ($ \text{O}_2|\text{H}_2\text{O} \text{, } \text{H}^+$) as $E^o = 1.23 V$. The overall reaction is $\text{2Fe(s)} + \text{O}_2\text{(g)} + \text{4H}^+\text{(aq)} \longrightarrow \text{2Fe}^{2+}\text{(aq)} + \text{2H}_2\text{O(l)}$. The standard cell potential is $E^o_{cell} = E^o_{cathode} - E^o_{anode} = 1.23 V - (-0.44 V) = 1.67 V$. (Refer to the 'Corrosion' section and the equations for $E^o_{cell}$).