This Election Day, remember which party ran against EVs and tethered us all to the gas pump

The federal tax credit for purchasing new electric vehicles is gone, making them more expensive.

Average gas prices have reached record highs for a U.S. Election Day, with gasoline at $4.12 per gallon and diesel at $6.28, according to GasBuddy. The Strategic Petroleum Reserve is at its lowest level in 44 years, holding 282.2 million barrels. Republicans, led by Donald Trump, have campaigned against electric vehicle (EV) mandates, sought to cut EV incentives, freeze charging infrastructure funding, and roll back fuel economy standards. This stance has been attributed to a decline in EV sales and a continued reliance on fossil fuels. While consumer skepticism towards EVs existed due to high prices and charging concerns, rising gas prices have driven some consumers to seek alternatives. However, the absence of the $7,500 federal clean vehicle tax credit, which was systematically dismantled or allowed to lapse under the previous administration, has made EVs less accessible. Automakers have faced pressure to make EVs more affordable, with some pushing back against the rollback of fuel-economy rules.

The political rollback of EV incentives and fuel economy standards has effectively stalled the mass adoption of electric vehicles, leaving consumers beholden to fluctuating gasoline prices. Despite rising energy costs and consumer interest in alternatives spurred by geopolitical events, the absence of federal support has inflated the cost of entry for EVs. This situation benefits traditional internal combustion engine vehicles and the oil and gas industry, suggesting a strategic victory for those opposing the transition to electric mobility.

Major automakers are now navigating a landscape where EVs must compete without significant government subsidies, potentially impacting their investment and production strategies. While companies like GM and Ford aim to lower EV prices, they are also reportedly backing efforts to ease fuel-economy regulations, indicating a complex balancing act between market demands and regulatory pressures. The future of EV adoption hinges on whether manufacturers can achieve affordability independently, especially with potential restrictions on foreign competition.