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But work on some renewable energy projects will halt.

The elimination of a $7,500 consumer tax credit and softening of emissions rules by the Trump administration will sharply curtail EV demand in the U.S., Jim Farley said.

Tesla urged U.S. environmental regulators to maintain ambitious tailpipe emissions standards that were put in place to push the industry to sell electric vehicles in larger numbers.

A commenter in a Federal Reserve Bank of Dallas energy survey wrote: “What was once the world’s most dynamic energy engine has been gutted by political hostility and economic ignorance.”

For global supply chains, any price increase matters because Russia remains one of the world’s most important suppliers of diesel, a fuel essential for trucking, shipping and agriculture.

Major automakers want the Trump administration to weaken ambitious tailpipe emissions standards that are pushing the industry to sell electric vehicles in larger numbers. 

The IMO has set a goal of net zero for shipping by midcentury and next month aims to formally adopt a plan that would see ships pay levies for at least some of their emissions.

The loan, finalized by the Biden administration in November 2024, was among $400 billion in green bank deals halted by the Trump administration as part of its review of energy financing. 

With President Donald Trump’s tax bill killing EV incentives at the end of the month, the push for a sub-$30,000 vehicle that runs on electrons may help buttress the projected dip in sales.

The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.