November 10 – Automakers in the United States seem to be pulling back on their plans with Electric Vehicles.
Locally, auto dealers are saying no one’s buying them, even though Pennsylvania is working on building charging stations along the roads.
Attorney Clint Barkdoll said, “These auto companies, whether it’s Ford or some of these new startups, are bleeding money like crazy on these EV initiatives. The programs just have not taken off in the way they thought they would.”
The cost of building electric vehicles has far exceeded what was originally projected.
Barkdoll noted, “Now the irony in some of this is once again yesterday, US oil output hit an all time high at the end of October, in the first week of November. The US is now producing over 13.2 million barrels of oil per day. Again it’s an all time record. It’s completely counterintuitive to all of this, but what a lot of the analysts are talking about is because these green initiatives and the EV cars among various other things just are not taking off, the US is now continuing to produce more oil than it ever has. Of course global demand continues to increase, but we’re not seeing the benefits of that US oil production because it’s a global market. It’s priced on a global market. There’s all those shortages because of what’s going on in the Middle East and Russia, Ukraine, etc. EV cars and some of this green stuff, no doubt sometime down the road, it’s coming. But I think it’s much further away than Joe Biden and Manchin and some of these other politicians originally thought it would be.”
Michele Jansen of NewsTalk 103.7FM asked, “Couldn’t we be producing more oil if things hadn’t been held up, if places where they wanted to do fracking and drilling had actually gone forward?”
“Probably so,” Barkdoll confirmed. “Politicians will say we need energy independence and the pipelines that got cut off, but they always leave out that we’re now making record oil production in the US. If those pipelines were open, if we’re at 13.2 million barrels a day now, what if we could make it to 15 million or 16 million? That would help even more because theoretically it would drive down the global price due to more production, but Biden, in spite of this record production number, there are some things he has done that has undoubtedly quelled more production, including cutting off some of those pipeline initiatives.”