Logo

US oil and corn industries form a lobby group to oppose emission cuts, claiming economic harm.

TraderKnows
TraderKnows
06-19

This spring, the U.S. Environmental Protection Agency introduced emission reduction regulations for heavy-duty vehicles, which have significantly affected the interests of the oil and corn industries.

Top U.S. oil and corn industry lobbying groups announced on Tuesday that they are suing President Joe Biden's administration over its heavy-duty vehicle emissions reduction plan. They argue that the regulation will harm the economy.

This spring, the U.S. Environmental Protection Agency introduced new regulations for semi-trucks, buses, and other heavy-duty vehicles for the model years 2027 through 2032. The goal is to cut 1 billion tons of greenhouse gas emissions by 2055.

According to the EPA, heavy-duty vehicles are major contributors to climate change, accounting for about 7% of the nation's emissions. These standards are a crucial part of Biden's plan to combat global warming.

Ryan Meyers, senior vice president and chief legal officer of the American Petroleum Institute, stated: "The EPA is mandating a shift to technologies that don't currently exist. Even if this were feasible in the future, it would almost certainly impact everyday Americans."

The American Petroleum Institute is the largest lobbying group for the U.S. oil and gas industry, with members including ExxonMobil.

The National Corn Growers Association, the American Farm Bureau Federation, and the Owner-Operator Independent Drivers Association also joined Tuesday's lawsuit, advocating for alternatives like biofuels to address climate change.

Harold Wolle, president of the National Corn Growers Association, pointed out: "The EPA is attempting a one-size-fits-all approach by prioritizing electric vehicles over other climate solutions like corn ethanol."

SKYPE TU

公众号2

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Wiki

Economic Recovery

Economic recovery refers to the phase where, following an economic downturn or crisis, there's a gradual increase in production and employment, businesses see improved profits, and consumer and investment activities rebound, leading to a gradual return to a normal economic state.

Organization

Risk Warning

TraderKnows is a financial media platform, with information displayed coming from public networks or uploaded by users. TraderKnows does not endorse any trading platform or variety. We bear no responsibility for any trading disputes or losses arising from the use of this information. Please be aware that displayed information may be delayed, and users should independently verify it to ensure its accuracy.

Logo

Contact Us

Social Media

footer1