financetom
Business
financetom
/
Business
/
Largest US oil trade group to sue to block Biden's EV push
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Largest US oil trade group to sue to block Biden's EV push
Jun 13, 2024 2:52 AM

(Reuters) - The nation's largest oil trade group, which includes Exxon Mobil and Chevron , will file a federal lawsuit on Thursday seeking to block the Biden administration's efforts to reduce planet-warming emissions from cars and light trucks and encourage electric vehicle manufacturing, the group said.

The U.S. Environmental Protection Agency issued new tailpipe emission rules in March that will force the nation's automakers to produce and sell more electric vehicles to meet the new standards. Under the rule, the administration projects up to 56% of all car sales will be electric between 2030 and 2032.

The American Petroleum Institute (API) says the EPA has exceeded its congressional authority with a regulation that will eliminate most new gas cars and traditional hybrids from the U.S. market in less than a decade.

"Today, we are taking action to protect American consumers, U.S. manufacturing workers and our nation's hard-won energy security from this intrusive government mandate," API Senior Vice President and General Counsel Ryan Meyers said.

The law suit will be filed in the D.C. Circuit Court of Appeals.

The National Corn Growers Association and the American Farm Bureau Federation will join API as co-petitioners. The two groups rely on gas-powered cars to support the corn-ethanol industry.

"By approving tailpipe standards that focus exclusively on electric vehicles, EPA has ignored the proven benefits corn ethanol plays in reducing greenhouse gas emissions and combating climate change," Minnesota farmer and National Corn Growers Association President Harold Wolle said.

In April, Republican attorneys general from 25 states on sued the EPA to block the same rules.

The regulations are among the most significant environmental rules implemented under President Joe Biden, who has made tackling climate change a key pillar of his presidency. It has also complicated his relationship with a key ally, the United Auto Workers, who have been slow to embrace the transition to electric vehicles.

In the final rule, Biden slashed its target for electric vehicle adoption amid auto worker backlash, but the watering down of the measure did little to pacify an oil industry that needs gas-powered cars to survive.

For both Biden and his Republican rival, Donald Trump, the road to the White House goes through industrial states Michigan, Wisconsin and Pennsylvania where workers fear that the EV transition threatens jobs.

Trump has repeatedly excoriated electric vehicles and promised to rollback the new tailpipe standards.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved