Forcing Consumers to Purchase Electric Vehicles: A New Low for the Biden Administration
Just recently, the International Energy Agency released its annual report on electric vehicles, this time celebrating that nearly one in five cars sold in 2023 is projected to be an EV. But if electric vehicles are so wonderful, why are consumers and businesses being forced to buy them?
The clearest example of this came with the US Environmental Protection Agency’s (EPA) new emissions standards for vehicles, released earlier this month, which require manufacturers to increase overall fuel efficiency by over 25% by 2026, effectively mandating that EV's make up two thirds of car sales. The EPA claims this will provide a total of over $1 trillion in benefits by 2055, reduce crude oil imports by 20 billion barrels, and reduce CO2 emissions by 10 billion tons.
Jonathan A. Lesser, PhD, is the president of Continental Economics, an economic consulting firm, and an adjunct fellow with the Manhattan Institute.
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