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Russia’s ‘Keep It in the Ground’ Ploy to Stifle American Oil

Just 1 percent—that’s the share of all-electric vehicles to total new U.S. car sales today.

You don’t have to be an auto retailer to know that electric vehicles are not pushing gasoline-powered cars and light trucks off the showroom floor. Virtually all of the 17 million vehicles sold in the U.S. last year were gas burners.

Even with tax credits and other incentives, such as taxpayer-financed charging stations, few Americans are rushing out to buy EVs. And if the tax incentives are stripped away, EVs would be much less competitive.

Those numbers have major implications for the U.S. oil industry. Oil is one of America’s critical fuels for good reasons: its abundance and relatively low cost.

William F. Shughart II is Research Director and Senior Fellow at the Independent Institute, J. Fish Smith Professor in Public Choice in the Jon M. Huntsman School of Business at Utah State University, and editor of the Independent Institute book, Taxing Choice: The Predatory Politics of Fiscal Discrimination.

From William F. Shughart II
TAXING CHOICE: The Predatory Politics of Fiscal Discrimination
So-called “sin taxes”—the taxing of certain products, like alcohol and tobacco, that are deemed to be “politically incorrect”—have long been a favorite way for politicians to fund programs benefiting special interest groups. But this concept has been applied to such “sinful” products as soft drinks, margarine, telephone calls, airline tickets, and even fishing gear. What is the true record of this selective, often punitive, approach to taxation?