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Bearish Risks Remain Despite a Tight Oil Market

Bearish Risks Remain Despite a Tight Oil Market

The larger-than-anticipated inventory draw is…

Trump Criticizes Biden's "Crazy" EV Mandate, Pledges Policy Reversal

In a recent meeting with House Republicans, former President Donald Trump declared his intention to completely reverse President Joe Biden's electric vehicle (EV) policies if he is re-elected. Trump criticized the current administration's push towards battery-powered cars, describing the mandate as "crazy," according to Idaho Representative Russ Fulcher. He emphasized that, if given the opportunity, he would overturn Biden's EV policies entirely.

Trump's remarks, delivered at the Capitol Hill Club, reflect his longstanding opposition to electric vehicles. He has consistently argued that EVs are ineffective and detrimental to American autoworkers, suggesting they primarily benefit countries like China and Mexico. Virginia Representative Morgan Griffith also highlighted Trump's sentiment, noting that Trump believes Biden is forcing Americans into buying electric cars, which he deems unreasonable.

Trump's comments come amid legal challenges to one of Biden's key EV policies. On Thursday, oil and ethanol industry groups filed a lawsuit to block the Environmental Protection Agency's (EPA) new air-pollution limits, which they argue would compel automakers to increase their electric vehicle sales unlawfully.

Biden's administration has set an ambitious goal to have 50% of all new vehicle sales be electric by 2030. To support this transition, the administration offers consumers tax credits of up to $7,500 for purchasing electric vehicles. In stark contrast, Trump has vocally opposed these measures, criticizing them as impractical and harmful to the domestic automotive industry.

The opposition from Trump and the ongoing legal disputes underscore the significant political and industry resistance to Biden's EV initiatives. As the debate over the future of electric vehicles in the U.S. continues, the oil and gas industry, along with other stakeholders, will be closely monitoring the evolving policies and their implications.

By Julianne Geiger for Oilprice.com

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