When the Environmental Protection Agency (EPA) unveiled its plan to rollback greenhouse gas regulations, it promised Americans could save $54 billion each year. The idea was to make car buying more affordable by easing the push for electric vehicles and higher fuel efficiency standards. However, a CBS News review of the EPA’s own analysis suggested otherwise. Instead of savings, the report predicted rising gasoline prices and nearly half a million job losses by 2035.
The EPA’s June analysis from the U.S. Energy Information Administration (EIA) indicated that Biden-era policies would have led to lower future gasoline costs. More electric and fuel-efficient vehicles on the road would mean less demand for gasoline. However, with the rollback, the demand for gas-powered cars is expected to rise, driving up gasoline prices instead.
Joseph DeCarolis, a former EIA administrator, pointed out that reducing incentives for electric vehicles would lead to more gasoline consumption. “There’s a clear link between loosened regulations on electric vehicles and rising gasoline prices,” he said.
The discussion also touches on the expected decline in fuel efficiency. Under the Biden policies, cars were projected to achieve 61.2 miles per gallon by 2035. In contrast, without these policies, the standard would drop significantly, increasing only gradually to 50.5 mpg. This reduction in efficiency would hit consumers hard, as they end up spending more on gas.
Peter Huether from the American Council for an Energy-Efficient Economy warned about the broader impact of these changes. “Drivers could pay thousands more in fuel and maintenance over their car’s lifecycle. Additionally, businesses might face massive costs, which could lead to higher prices for everyday goods,” he explained.
Recent studies highlight how rolling back these environmental standards could have rippling economic effects that go beyond just the gas pump. According to a recent survey by the Pew Research Center, 79% of Americans believe that investing in clean energy technologies will yield more jobs in the long run.
In online discussions, many users express concern over these policy changes. Social media trends show a growing support for electric vehicles and sustainable energy options, reflecting a shift in consumer attitudes towards environmental concerns.
As this debate continues, it’s crucial to consider how these regulations not only affect our wallets but also play a significant role in our economy and the environment.
For further details on these projections and policies, you can check the EIA’s analysis.
Tracy J. Wholf, a senior producer of climate coverage for CBS News, emphasizes the importance of staying informed about these shifts in policy. It’s not just about immediate savings but also about the long-term impacts on our economy and environment.
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Lee Zeldin, Climate Change, Environmental Protection Agency, Electric Vehicles, Gas Prices
