A Congressional Budget Office report released in the fall tells Obama what the rest of us have known for some time: Your bet on electric cars wasn’t an investment, but a gamble; a dumb gamble.
And now you’ve just come up snake eyes.
“Despite the federal government pumping $7.5 billion into the electric vehicle industry in the United States through 2019,” writes the CSMonitor.com, “overall national gasoline consumption is unlikely to be significantly affected, according to a report released by the Congressional Budget Office (CBO).”
The CBO says that even if Obama increased the amount of the subsidy, it would make little difference to the gasoline usage or emissions output because automakers would still be required to hit fuel efficiency targets. Instead, the CBO says that either a tax on gasoline or carbon is the only way to increase the attractiveness of electric cars to consumers.
That’s because electric cars don’t save gas, they don’t save money and they don’t save the “planet.”
They are only a vanity-plumping, amenity purchase for the metro-testicled.
“Assuming that everything else is equal” says the CBO, “the larger an electric vehicle’s battery capacity, the greater its cost disadvantage relative to conventional vehicles—and thus the larger the tax credit needed to make it cost-competitive.”
It’s not like none of us pointed this out at the time Obama unveiled his plan to put a million electric vehicles on the road before he destabilized the Middle East.
Ok, so he didn’t tell us that last part.
Dr. Strange-Chu told us about that one.
“Somehow,” Strange-Chu said, “we have to figure out how to boost the price of gasoline to the levels in Europe.”
Hey? How about a regional civil war? We could lob a few missiles at Libya?
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 16th, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Monday April 14th, 2014 | John Ransom