In other news, President Biden is reopening the Obamacare marketplace for a special enrollment period between February and May.
Meanwhile, legal representatives for the oil and gas industry are challenging Biden's temporary moratorium on new oil and gas leases on public land.
Finally, General Motors says it will stop selling gasoline powered cars and go almost all electric by 2035.
A GM executive, who asked for anonymity to describe details of the GM shift, said that the company would spend $27 billion on electric vehicles and associated products between 2020 and 2025, outstripping spending on conventional gasoline and diesel cars. That figure includes refurbishing factories and investing in battery production in conjunction with LG Chem, a South Korean battery maker.
The move won’t affect medium and heavy duty trucks, but it will include everything from cars and crossovers to full-size trucks and SUVs, such as the light-duty Silverado and Yukon.
This is a very big deal and one of the reasons it's happening is because the state of California has mandated it. California is the largest market and as the state goes, so goes the rest of the country. That's why the Trump regime fought California's standards. And this is just speculation, but carmakers may also be thinking this is an opportunity to profit from both car sales, battery sales, and the charging market. GM doesn't make money from selling gasoline for their cars, but they can make money selling battery charging tech.
This is something we can worry about when the time comes, but we're probably going to need a federal program to help low income people switch from their old gas cars to electric cars in the 2030s. Something like "Cash for Clunkers" but more expansive.