To paraphrase the late British economist and philosopher John Maynard Keyes, President-elect Donald Trump’s electoral victory has reawakened the optimistic “animal spirits” of the U.S. energy-driven economy, which The U.S. economy, already severely hurt by the Biden administration's fossil fuel regulations, has turned in favor of fossil fuels. [emphasis, links added]
Expensive energy policies adopted by Democrats on climate issues are not only fueling inflation; But widespread solar and wind farms also harm ecosystems and wildlife populations.
For example, ESI Energy, owned by utility giant NextEra Energy, admitted in 2022 Its wind turbines have killed at least 150 bald and golden eagles.
The Los Angeles Times recently reported that Avantus, a company developing a 2,300-acre solar farm in California’s Mojave Desert, The government has given the go-ahead to chainsaws to cut down thousands of nearly extinct Joshua trees.
The Trump administration and a Republican Congress are expected to return to power to challenge Democrats' 2022 Inflation Reduction Act (IRA), which would have resulted in the federal government subsidizing up to 70% of cost credits for wind and solar charities, often in the form of taxes.
According to estimates from the Ministry of Finance, IRA climate subsidies, including de facto EV mandate, projected to cost taxpayers $1 trillion by 2032Whenever a “major public action” affects environmental quality, no meaningful assessment is conducted under the provisions of the National Environmental Policy Act.
Although Trump has pledged to claw back unspent IRA funds, he may have to contend with some congressional Republicans who signed an Aug. 18 letter to House Speaker Mike Johnson, R-Louisiana. , the tax credits that supported their districts were eliminated.
The 18 Republican signatories urged Republican leadership to retain some provisions of the bill, most importantly Eliminating tax credits for projects that have already broken ground “will undermine private investment and prevent development already underway.”
So far, the Biden administration has provided $90 billion in grants to climate and renewable energy programs, accounting for about three-quarters of the bill's grant funding.
Trump has pledged to overhaul oil and gas regulations and cut green energy subsidies, he said at a campaign event in Detroit on October 18. “We’re going to frac, frac, frac, drill, baby, drill.”
After all, he's done this before.
In 2018, during Trump’s last term, U.S. crude oil production hits record high, becoming net oil exporter for first time in 75 yearsand then exceeded 13.1 million barrels per day in March 2020.
Regulatory uncertainty under the Biden administration has hampered oil and gas investment.
Last year, President Biden temporarily suspended U.S. liquefied natural gas (LNG) export approvals, and a federal judge overturned that approval in July, requiring that approvals be restored immediately.
The administration has also reduced oil and gas lease sales on federal lands from more than 4,000 in the first three years of the Trump administration to more than 1,400 under Biden, while also increasing bonds and royalties produced on government properties. fee.
According to The Epoch Times, since Trump is expected to cancel or reduce various subsidies to the Irish Republican Army after the election, “A slew of renewable energy stocks tumbled, from First Solar (down 14%) to SunRun (down 18%).”
After Trump wins, there will be major changes in the green policy of the U.S. energy industry.
The president-elect has pledged to increase oil and gas production, regulatory reform and scaling back green energy subsidies.
This could have far-reaching consequences for the energy industry and beyond. pic.twitter.com/Wwa3hkK7E9
— The Epoch Times Print Edition (@EpochTimesPrint) November 13, 2024
Many EV companies that were struggling before the election now face deadly consequences.
High-profile electric SUV maker Fisker and bus maker Arrival filed for bankruptcy earlier this year, while Swedish battery maker Northvolt filed for Chapter 2 bankruptcy after BMW canceled a large electric vehicle order.
Privately held Northvolt raises about $15 billion to make batteries with a low carbon footprint, in one of the most shocking economic implosions in electric vehicles Investments came from high-profile investors including Volkswagen, Goldman Sachs Asset Management and the European Union.
Even more stable startups like Rivian Automotive and Lucid Group have seen their shares drop by nearly half this year.
Rivian recently received conditional approval for a government loan of up to $6.6 billion, and investors reportedly feared the loan would evaporate if the offer was not received before President-elect Trump's Inauguration Day.
A Wall Street Journal analysis of 54 publicly traded electric vehicle and battery startups shows that seven of them have filed for bankruptcy..
Of the 36 operating companies with sufficient data for analysis, Three-quarters of them are losing money, and 13 are expected to run out of cash by next summer.
Meanwhile, Congress passed $5 billion in taxpayer funding under the so-called Bipartisan Infrastructure Act of 2021 to increase electric vehicle adoption through a nationwide network of charging ports, but that has also not been as successful as promised.
Read a break from Newsmax
