Central Wyoming News

WASHINGTON, D.C. - U.S. Senator John Barrasso (R-WY), ranking member of the Senate Committee on Energy and Natural Resources, delivered remarks at a full committee hearing to examine federal electric vehicle incentives. The hearing featured testimony from Deputy Secretary of Energy David M. Turk and Deputy Secretary of the Treasury Adewale O. Adeyemo.

Senator Barrasso expressed his concerns about the federal subsidies for electric cars, which he believes are the centerpiece of the "disastrous" Inflation Reduction Act (IRA). He argued that President Biden's claims about the IRA are false and criticized the cost of the subsidies, stating that they will cost an estimated $393 billion according to a Goldman Sachs analysis, which is 28 times more than what the Congressional Budget Office estimated. Senator Barrasso highlighted the national debt and questioned the need to spend hundreds of billions of dollars on subsidizing electric cars that the majority of Americans do not want.

He pointed out that electric car subsidies primarily benefit the state of California, where nearly 40% of all electric cars in America are being sold. Senator Barrasso argued that this puts hard-working families in states like Wyoming and West Virginia at a disadvantage, as they end up subsidizing wealthy people from California. He referred to the IRA as a "shakedown" and criticized President Biden for not considering the consequences of his energy transition.

Senator Barrasso cited the warnings from the North American Electric Reliability Corporation (NERC) about the increased risks from the premature closure of coal and natural gas power plants. He criticized the Biden administration for promoting electric cars, which he believes will cause greater instability in the nation's electric system. He highlighted the high electricity consumption of electric cars and questioned whether President Biden understands the math behind his energy plans.

The senator argued that the demand for electric cars is stagnating, with car dealers opting out of selling and servicing them. He mentioned higher repair costs, insurance rates, and lower resale value for electric cars compared to conventional cars. Senator Barrasso referenced a headline from Bloomberg about Hertz selling a third of its US electric vehicle fleet and reinvesting in gas-powered cars due to weak demand and high repair costs.

He expressed concerns about the damage that the IRA will do to America's automotive sector, citing Ford Motor Company's $3.1 billion losses on electric cars in the first nine months of 2023. Senator Barrasso also warned about the IRA benefiting foreign companies, particularly Chinese carmaker BYD, which has become the world's largest electric car manufacturer. He criticized the Biden administration for allowing electric car subsidies to flow to foreign companies in countries that are hostile to American interests.

Senator Barrasso called for a change in course and advocated for a pro-America "all-of-the-above" energy strategy and a comparable "all-of-the-above" vehicle strategy. He emphasized the importance of increasing consumer choice and reducing emissions through technologies such as more efficient internal combustion engines, hydrogen fuel cells, compressed natural gas, and hybrid vehicles.

In conclusion, Senator Barrasso expressed his concerns about the federal subsidies for electric cars and called for a reevaluation of President Biden's energy transition plans. He emphasized the need for a comprehensive approach that includes a variety of technologies to increase consumer choice and reduce emissions.

To learn more, click on this link: https://www.energy.senate.gov/2024/1/barrasso-reality-is-catching-up-with-biden-s-energy-fantasies