Sunday, December 10, 2023

The “Stop EV Freeloading Act” bill seeks to impose tariffs on the sale of electric vehicles in the United States

Senator Deb Fischer introduced a new bill known as the “Stop EV Freeloading Act” that aims to impose tariffs on the sale of electric vehicles (EV) in the United States. Under this bill, a $1,000 fee would be imposed at the time of purchase of electric cars, as well as an additional $550 fee on heavy-duty batteries. The purpose of these fees is to replace the lost revenue from fuel taxes that would have contributed to internal combustion engine vehicles.

Senator Fischer argued that it would be unfair to make drivers of non-EV vehicles bear the financial burden of those who choose to drive electric vehicles. The bill received support from Senators Pete Ricketts, John Cornyn and Cynthia Lummis.

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The move comes as federal and state officials explore alternative revenue sources to offset highway trust funding shortfalls. Some of the options considered include the launch of tolls, the implementation of fees at EV charging stations and the introduction of a mile driven tax.

In another development, the price of oil increased by $20 per barrel since June. However, Goldman Sachs analysts believe these price increases will not affect US consumer spending or GDP growth. The bank said that the increase in the price of oil is relatively small compared to previous years, and the low price of electricity can partially offset any negative effects. Additionally, the Federal Reserve is unlikely to tighten policy in response to higher rates.

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Meanwhile, President Joe Biden and former President Donald Trump are scheduled to visit Detroit this week as they seek to build support from union-bound voters ahead of the 2024 presidential election.

In the field of energy geopolitics, the heads of Russian energy companies Gazprom and Rosneft will accompany President Vladimir Putin on his trip to China in October. This visit comes as Moscow and Beijing are negotiating the construction of the Power of Siberia-2 natural gas pipeline.

In Europe, the European Union’s top energy official, Ditte Juul Jørgensen, said the bloc would continue to rely on US fossil fuels as it sought to diversify away from Russian natural gas and expand the sector. renewable energy. Despite concerns from environmental groups and politicians about the impact of climate goals, Jørgensen emphasized the need for US energy in the EU’s energy mix in the coming decades.

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Finally, EU leaders agreed to adopt a modified version of the proposed car emissions plan in the bloc. The plan, known as “Euro 7”, faces opposition from eight member countries who fear the proposed regulations will drive away investment from the electric vehicle industry. Italy, the Czech Republic, France and five other countries are advocating for weaker rules to protect EV development and investment.

Nation World News Desk
Nation World News Desk
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