President-elect Donald Trump's transition team is reportedly considering eliminating the $7,500 tax credit for electric vehicles as a way to protect the oil industry.
The global shift to electric vehicles threatens oil demand significantly, potentially reducing it by six million barrels daily by 2030, as noted by the International Energy Agency.
Elon Musk expressed concern over eliminating the tax credit, stating it would disadvantage traditional automakers like Ford and GM who compete against Tesla.
Since the electric vehicle tax credits are established by the Inflation Reduction Act, Trump cannot eliminate them unilaterally; congressional action would be required.
Collection
[
|
...
]