The recent legislation in the U.S. provides substantial support to the fossil fuel industry by eliminating federal tax credits for clean energy initiatives and enabling increased methane emissions. Despite this development, the transition towards electric vehicles (EVs) continues, as global adoption is projected to remain robust. Research indicates that even a slowdown in U.S. EV sales will not halt the overall momentum toward cleaner energy sources. The outlook for the oil and gas industry remains uncertain as electric vehicle use expands, displacing substantial amounts of oil.
Electric vehicles are already displacing millions of barrels of oil per day, saving hundreds of millions of metric tons of carbon dioxide from entering into the atmosphere.
Despite the latest setback to EVs in Washington D.C., the world remains firmly on track for sustained EV adoption.
The bill ends the federal tax credits for clean energy programs years ahead of schedule and gives tax breaks to oil and gas companies for drilling.
Even if the U.S. slowdown results in 14 million fewer EV sales globally by 2030, the broader transition towards cleaner energy will continue to march on.
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