Electric Vehicles & The US Economy — A Win-Win Situation
New research indicates that mass EV adoption will reduce both US environmental and economic risk.We know that transportation electrification will help the environment. What we haven’t heard much about is the positive influence that electric vehicles will have on the US economy. New research indicates that EVs are going to be really, really good for the US economy — for a variety of reasons.
US dependence on oil has long influenced its foreign policy. By 1997 and the US refusal to sign the Kyoto Protocol, aof human-made emissions resulted from petroleum. Yet the US policy on oil consumption remained focused on energy security and air quality. A string of oil mergers among the world’s largest private oil companies followed. In 2005, the US Congress passed the Energy Policy Act, which provided billions of dollars in federal subsidies to the oil industry.of petroleum from 80 countries.
By powering our transportation with the diversified energy sources that back the US electricity grid, Buckberg states that EVs can break the link between oil prices; geopolitical risk from the Middle East, Russia, and other major oil producers; and the health of the US economy. Reducing oil use has a corollary of limiting US vulnerability to oil price shocks.
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