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The 100% Electric Car Fantasy

Unleash Prosperity Hotline
Issue #277
1) The 100% Electric Car Fantasy  

We have nothing against Tesla and other electric vehicles. But to get to zero fossil fuels, we would have to get 98% of today’s cars off the road since less than 2% are electric vehicles.

How long will that take, even if U.S. car buyers would let it happen? An analysis by Markit concludes that with all the government mandates and EV subsidies: “about 40 percent of cars on the road would be electric in 2050. In order for almost all cars on the road to be electric by 2050, new plug-in sales would need to quickly ramp up to 100 percent in the next 15 years.” 

An analysis by Business Insider reports: “a new study in the journal Nature Energy by UC Davis researchers found that roughly 20% of electric vehicle owners in California [the greenest place on earth] replaced their cars with gas ones.”

Here’s a good explanation from Business Insider why:

“In roughly three minutes, you can fill the gas tank of a Ford Mustang and have enough range to go about 300 miles with its V8 engine. But for the electric Mustang Mach-E, an hour plugged into a household outlet gave Bloomberg automotive analyst Kevin Tynan just three miles of range.”

The bottom line: for at least the next 30 years Americans are going to be using a lot of oil and under the Biden energy plan we will be getting it not from Texas or Oklahoma, but Saudi Arabia and Iran. Brilliant!
2) Unemployment Bonuses – Is There Any Damage They Can’t Do?

We were the first to warn many months ago that federal unemployment bonuses that make non-work pay more than work would result in millions out of the workforce, and more recently we’ve reported on the “help wanted” signs everywhere and restaurants forced to close – despite lots of customers – because they can’t find workers.

It’s not just stores and restaurants. Rising energy prices are expected to spike even higher because there is a shortage of drivers to drive the tanker trucks.

FoxBusiness reports:

According to the National Tank Truck Carriers trade group, up to 25% of trucks are parked around the country because there are not enough qualified tank truck drivers. That number is up 15% from the beginning of last summer.

“It’s harder to get people to work in a vacation area, when they can get paid to stay at home,” Phil Flynn, senior executive and market analyst of the Price Futures Group, told FOX Business.

Federal unemployment bonuses are scheduled to end on September 6, but Senate Finance Committee Chairman Ron Wyden has said Democrats are committed to making them permanent. They should be forced to defend higher prices at the pump among the many other problems this policy is causing.

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