Chuck Grassley - Ranking Member of the Budget committee | https://www.budget.senate.gov
Chuck Grassley - Ranking Member of the Budget committee | https://www.budget.senate.gov
Senator Chuck Grassley voiced his concerns regarding the rapid transition to electric vehicles (EVs) during a recent Senate Budget Committee hearing. Grassley highlighted several issues, including economic challenges and reliance on critical minerals.
"The Biden-Harris administration’s unattainable goal of 50 percent new EV sales by 2030 has been on full display over the last four years," Grassley stated. He criticized the administration's policies, citing expensive EPA regulations and substantial subsidies for EVs that he believes benefit wealthier individuals in suburban and urban areas.
Grassley pointed out that EVs are currently uneconomical for many consumers. "CBO’s February baseline set the record straight, telling us that the so-called Inflation Reduction Act (IRA)’s EV handout would increase the deficit by hundreds of billions of dollars," he noted. He also mentioned that EV prices rose following the IRA's passage, which included a $7500 tax credit for new EVs.
Grassley raised concerns about infrastructure and resource availability, specifically mentioning copper mining requirements. "According to the University of Michigan, the world will need to mine 115 percent more copper from 2018 to 2050 than has been mined in all of human history up until 2018, just to do business as usual," he said.
He also emphasized geopolitical risks associated with critical mineral supply chains dominated by China. "China dominates global critical mineral supply chains, accounting for approximately 60 percent of worldwide production and 85 percent of processing capacity."
Grassley concluded by calling for better legislative action and permitting reform. "Legislators must do better, and I hope this hearing serves as a stepping stone for honest permitting dialogue moving forward."
The hearing featured witnesses invited by Senators Sheldon Whitehouse and Lindsey Graham.
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