Pump Prices Soar As Biden Dedicates $7.5 Billion to Electric Vehicles
Fuel prices hit record average highs again on Thursday, with the AAA reporting regular gas at $4.97 and diesel at $5.74.
Representative Tom Rice (R-SC) pressed U.S. Treasury Secretary Janet Yellen regarding the price hikes, saying he questions the Biden administration’s motives.
“Is this increase in fuel prices intentional from the Biden administration? It seems to me that it’s irrefutable,” he says. “It’s a show piece, as you know. They want Americans to pay more for gas to ease into the ‘great transition.’”
Yellen maintained that the Biden administration played no part in the rising pump prices, saying the administration has worked to mitigate costs by authorizing 1 million barrels a day from the strategic reserves, issuing 9,000 permits to the oil and gas sector and offering 20 million acres of public lands under lease that are not currently being produced on.
500,000 Charging Stations
As pump prices continue to climb, so do electric vehicle purchases. According to the White House, there are presently 2 million electric vehicles on the road, with 100,000 available chargers.
On Thursday, the Biden administration announced $7.5 billion in the electric vehicle charging infrastructure through the Bipartisan Infrastructure Law to build a “convenient and equitable” charging network of 500,000 stations that will span the nation.
According to the White House fact sheet, the National Electric Vehicle Infrastructure program will provide $5 billion in formula funding for states to “fill gaps in rural, disadvantaged, and hard-to-reach locations.”
The rest of the funds—$2.5 billion—will be offered in competitive grants to “underserved and overburdened" communities for use in community charging, local air quality improvement and increased charging access.
U.S. Department of Transportation will open applications for the $2.5 billion competitive grants program later this year, according to the White House.
More on fuel costs and electric vehicles:
Filling A Tractor Tank Daily Now Costs Some Farmers $1,000, Double What It Did a Year Ago
Gas Prices Crush Another Record, Prices Now On Track to Top $5 Soon
