President Trump’s proposed budget for 2020 would eliminate the federal tax credit for buyers of electric vehicles. The oil industry is backing the proposal, as well as a bill to impose a “user fee” — that is, a tax — on drivers of electric vehicles and trucks.
Big Oil is panicked by the looming end to the domination of the U.S. transportation system by the internal combustion engine. The fear is justified.
A few years ago, the oil industry was shrugging off the threat of electric vehicles, predicting that EVs would reach only 5 percent of global market share by the mid-2030s. Other analysts were far more bullish, projecting that EVs would have up to a third of the market by that time.
According to EnergyWire, EV sales in the U.S. grew by more than 80 percent last year. Energy
Innovation expects EVs to make up to 75 percent of sales by 2050 — more than 15 million electric cars and trucks a year. Big Oil may be trying to slow the shift but can read the […]
