Inconvenient Facts

by John Stossel

Electric cars sales are up 66% this year.

President Joe Biden promotes them, saying things like, “The great American road trip is going to be fully electrified” and, “There’s no turning back.”

To make sure we have no choice in the matter, some left-leaning states have moved to ban gas-powered cars altogether.

California Gov. Gavin Newsom issued an executive order banning them by 2035. Oregon, Massachusetts and New York copied California. Washington state’s politicians said they’d make it happen even faster, by 2030.

Thirty countries also say they’ll phase out gas-powered cars.

But this is just dumb. It will not happen. It’s magical thinking.

In my new video, I point out some “inconvenient” facts about electric cars, simple truths that politicians and green activists just don’t seem to understand.

“Electric cars are amazing,” says physicist Mark Mills of the Manhattan Institute. “But they won’t change the future in any significant way (as far as) oil use or carbon dioxide emissions.”

Inconvenient fact 1: Selling more electric cars won’t reduce oil use very much.

“The world has 15, 18 million electric vehicles now,” says Mills. “If we (somehow) get to 500 million, that would reduce world oil consumption by about 10%. That’s not nothing, but it doesn’t end the use of oil.”

Most of the world’s oil is used by things like “airplanes, buses, big trucks and the mining equipment that gets the copper to build the electric cars.”

Even if all vehicles somehow did switch to electricity, there’s another problem: Electricity isn’t very green.

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Shrinkflation as Applied to Electrification

Via Eric Peters Autos

Less is always more when it comes to electric vehicles.

The latest news is that doubling the voltage of commercial charging infrastructure – from 400 to 800 volts – will “reduce” the time it takes to instill a partial recharge to “only” about twice the time it takes to refuel a non-electric car to full.

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Doug Casey on Electric and Self-Driving Vehicles, Part II

Via Casey Research

Chris’ note: The rise of electric vehicles (EVs) and self-driving cars is one of the world’s most unstoppable trends… and it’s just getting started.

Yesterday, in the first part of our discussion, Doug Casey told us why this megatrend needs to be on your radar today.

Below, we pick up where we left off and talk about what this means for certain commodities… what the investing implications are… and much more…


Chris: Doug, what happens to oil as EVs and self-driving cars go mainstream?

Doug: Almost all gasoline is used for vehicles. In fact, something like 75% of oil production is used for transportation. So, this will put a cap on petroleum prices. There’s going to be a glut of oil. Petroleum’s main use is basically going to be a feed stock for plastics and things of that nature. It’s going to collapse the production, if not the prices, of corn, palm oil, and perhaps sugar as well, because so much of those crops are – idiotically – used as biofuels.

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