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Re: $5.00 per gallon gas
Biden administration says releases from oil reserves cut gasoline prices by up to 40 cents per gallon
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Re: $5.00 per gallon gas
... Americans do not realize how pampered they are when it comes to energy costs. Global energy prices are much higher almost everywhere else in the world.Comment
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Re: $5.00 per gallon gas
Sen. Joe Manchin, D-W.Va., explained why he agreed to support a new spending package, promising that it will not raise taxes or worsen inflation, while admitting that he was wrong about a previous spending bill.
Another part of the bill that Manchin addressed Sunday is a subsidy for people who make up to $300,000 a year who purchase an electric car. The provision has been criticized for forcing the general public to pay for wealthy Americans to buy expensive vehicles. Manchin himself had blasted the idea in the past, pointing out how the vehicles were already in high demand so incentives made no sense.
Today, Manchin says he still holds the same belief, but claims that the current bill is not just about buying electric but about supporting American production. In order to qualify for the subsidy, a car's battery has to be made in the USA as opposed to China.
"We shouldn't be looking for China to make sure that they have a total stranglehold on us and that's what we're trying to break. And we're going to break it as quickly as we can, because we're incentivizing," he said.Comment
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Re: $5.00 per gallon gas
Going to make the EV cars even more expensive for the vast majority of consumers .Comment
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Re: $5.00 per gallon gas
Rebate for cars using USA made battery so its less expensive for the vast majority of consumers.
Plus thousands of USA Jobs
Industry service for electric mobilityMenu
Politics >
Jul 29, 2022 - 03:45 pm
US Senate to move forward with new EV tax credit
BEVFCEVJOE BIDENJOE MANCHINPHEVSUBSIDIESUSA
The Democrats in the US Senate have presented a new bill on the tax credit for electric cars. This bill retains the amount of 7,500 dollars, but the upper limit of 200,000 electric cars per manufacturer is removed – which would make Tesla and GM eligible again. The law has not yet been passed, but at this stage, it appears to be a mere formality.
The background for the sudden change is that the Democratic senator for West Virginia, Joe Manchin, had blocked the previous plans of the Democrats in the US Senate – at least those that concerned climate protection. Now the senator from the rather conservative state has given up his opposition to US President Biden’s ‘Build Back Better’ plan – but only after he had personally negotiated with Biden several times and achieved numerous concessions in the overall package. After several cuts, only 670 billion US dollars (about 656 billion euros) are left of the initially almost two trillion dollars, which the infrastructure and climate protection package still includes.
On the EV subsidy: that the Democrats – also because of Manchin’s opposition – had abandoned earlier plans to increase the credit to 12,500 dollars in June, the new bill provides that the federal tax credit of 7,500 dollars per electric vehicle will be maintained.
However, there are some important changes: for example, the credit no longer applies generally to all electric vehicles, which are now subject to certain conditions to qualify for the credit. Essentially, the car must have been assembled in North America. There is a $3,750 tax credit if at least 40 per cent of the battery-critical minerals come from the United States or countries with a free trade agreement with the United States. The other $3,750 is available if at least 50 per cent of the vehicle’s battery components come from the United States or countries with a free trade agreement with the United States. Over the years, both percentages are planned to continue to rise.
This is clearly intended to strengthen the North American battery industry and EV value creation. However, at least temporarily, this could mean that some models are no longer fully eligible, even if they are built in the US. Currently, many US carmakers and their battery partners still source preliminary products from Asia.
Other restrictions on the subsidy concern the price of eligible vehicles. Electric sedans are only eligible for the tax credit up to a price of $55,000, according to the draft; for electric transporters, electric SUVs or electric pickups, the price limit is $80,000, according to Electrek. And only people with an adjusted gross income of less than $150,000 – or $300,000 for joint filers – are now eligible to apply.Comment
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Re: $5.00 per gallon gas
Wow!!! you really looked into this . Sure hope you are backing the cause up we need those 1000's of jobs that are not actually there yet . Just remember the real 1000's of jobs in the oil and coal industries that have been lost.Comment
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