Environmental Protection Agency Administrator Michael Regan said Wednesday he intended to give the car industry"as much flexibility as possible" when it came to new emissions regulations.to the point that automakers would have to convert the majority of their assembly lines to electric models by 2032, it stood to upend the oil industry.
increasing to between 40 percent and 50 percent of the market by 2030 from less than 6 percent currently Not only do automakers have to secure the critical minerals and technology they need at a time Europe and China are rushing to do the same to meet their climate targets, but charging networks need to be built and the power grid expanded to meet the flood of new electric vehicles.John Bozzella, president of the trade group Alliance for Automotive Innovation, wrote in a blog post
If the Environmental Projections Agency's proposed rules are finalized as written, U.S. gasoline and diesel sales could start declining within the next few years, forcing the closure of refineries along the Gulf Coast and around the country, said Alan Gelder, vice president of refining, chemicals and oil markets at the energy research firm Wood Mackenzie.
Chet Thompson, president of the American Fuel and Petrochemical Manufacturers trade group, said Wednesday the new rules would,"effectively ban gasoline and diesel vehicles."
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