Topic: Gas Cars

California regulators have approved a plan to ban the sale of new gas-powered cars by 2035, requiring 35% of new sales to be zero-emission by 2026. Other states are expected to follow California's lead, while 17 Republican-led states are challenging the federal waiver that allows these stricter standards. Volkswagen has also announced it will only sell electric vehicles in Norway starting in 2024.

Average monthly car payments in the United States reached a record high of $712, while national gas prices saw a slight 10-cent decrease. Ed Morse of Citigroup reports that oil supply is accelerating in the Western Hemisphere, with US production up one million barrels per day year-over-year. Despite global recession concerns, Russian oil exports remain higher than historical trends.

Belgium has proposed a ban on all non-electric new car sales by 2027, alongside European-wide efforts to ban gas and oil heating in new home installations. These regulations are criticized for ignoring the higher costs of electric heating compared to natural gas. The shift is described as a net loss for consumers that is being driven by aggressive climate policy rather than market efficiency.

California is testing a mileage-based tax system to address the revenue shortfall caused by fuel-efficient and electric vehicles. The pilot program involves 5,000 participants using GPS trackers or odometer photos, raising significant privacy concerns among drivers.