The electric vehicle dream, though it typically benefits natural gas, is nothing but utopian foolishness being exploited by big-time hustler Elon Musk.
The utopian goal of getting widespread adoption of electric vehicles (EVs) has become a mainstay of the “Keep It in the Ground” crowd. And, getting taxpayers to foot the bill via subsidies is their favorite mechanism for driving adoption.
Electric vehicle sales are currently propped up by a number of federal and state subsidies, which range from the direct $7,500 federal tax credit to state-level benefits including additional subsidies and free charging, registration, parking, and HOV use.
But beyond the obvious difficulties in attempting to dictate consumer choice via taxpayer dollars, there are several other drawbacks to the current subsidy structure:
1. EV subsidies go disproportionately to the rich …
Perhaps the biggest problem with the current EV subsidy system is that it is largely just lining wealthy pockets, with a National Bureau of Economic Research paper finding that “the top income quintile has received about 90% of all credits” for EVs.