FOR IMMEDIATE RELEASE, February 7, 2019 / In response to the introduction of the Fairness for Every Driver Act, which aims to eliminate the federal electric vehicle (EV) tax credit. It also is about securing America’s future energy.
Total national EV sales reached 1 million by November 2018. Similarly they still represent just one out of every 50 cars sold. That’s just in the United States.
Likewise as less fuel-efficient SUVs and light trucks continue to lead the way. In addition, U.S. oil production has hit record highs before COVID-19 and during the Obama Administration. So the uniquely global nature of oil pricing means that a supply disruption anywhere in the world affects prices in the United States. That’s regardless of how much oil we produce.
“Electric cars are growing in popularity, but they have not reached a tipping point. The federal EV tax credit is a crucial policy that has the potential to provide significant national security benefits—and as policing the world’s oil supply lines costs the U.S. military at least $81 billion every year, it provides excellent value for money,” Diamond added.
Currently the world’s largest oil consumer, the U.S. accounts for one-fifth of daily global supply, leaving the American economy uniquely vulnerable to oil price spikes and volatility. To mitigate this exposure, SAFE advocates for reduced dependence through increased domestic production, improved fuel efficiency and greater fuel choice.
The cost to fuel an EV is approximately half that of its conventional gasoline counterpart. That means generating meaningful savings for American households and businesses. EVs also benefit the broader U.S. economy and federal budget. The U.S. has spent $2.5 trillion on imported oil in the last 10 years. Also $1.6 trillion of which has flowed directly to OPEC member states.
As written before:
As written before, electric cars are cleaner and cheaper to fuel and maintain – and we need to build out the electric vehicle (EV) market so more drivers can reap the benefits. The progress we’re making on EVs is vital to cut our oil use and reduce emissions. However, it’s also a threat to some very powerful industries that have launched a lobbying campaign. One to interfere with pro-EV policies like a tax credit.
A boom in electric vehicles made by the likes of Tesla Motors Inc. could erode as much as 10 percent of global gasoline demand by 2035, according to the oil industry consultant Wood Mackenzie Ltd.
Source: Securing America’s Future Energy (SAFE) and the Electrification Coalition.