During the Michigan Senate debate, Rep. Elissa Slotkin became the latest Democrat to deny ever backing an electric vehicle mandate.
Breitbart.com did a fact-check on that, ruling it “False,” as she has repeatedly voted for EV mandates.
The way Democrats try to escape their previous support of that now-radioactive position is by hair-splitting: they didn’t specifically vote to force you to buy an EV, they just voted to force car makers to offer only zero emissions vehicles for sale by a certain date.
I guess if you didn’t want an EV, you could always get a foot-powered car, like Fred Flintstone. After all, returning to the Stone Age is the eco-fanatics’ dream.
On the subject of EVs, car makers worldwide are scrambling to avoid bankruptcy after blowing billions on building EVs that nobody wants to buy.
Governments both bribed and forced them to do it under orders that they would sell only zero emissions vehicles by a certain date, without concern for the fact that you can only sell things people are willing to buy.
Few people bought them, and many who did plan to go back to gas-powered vehicles.
With EV sales falling, used EV prices plummeting and car makers retooling to build ICE vehicles and hybrids, the horror stories coming out of the hurricane-hit states about the dangers of floods soaking EV batteries with salt water, and the thought of trying to evacuate ahead of a hurricane while stuck in a traffic jam may pound the last nail in the coffin.
At a rally in Pennsylvania, Donald Trump promised that if elected, he will cut energy and electricity prices in half within 12 to 18 months.
That’s great, but I still don’t think it will help sell electric cars.
Charles Mizrahi couldn’t agree more. He’s been ringing the bell for his readers to invest in oil stocks for over two years now.
Some of his oil stock recommendations are already hitting open double-digit gains. Is it too late to invest in the oil bull market? See what he says below…
Director, Prosperity Research
The Great EV Reckoning?
The first wave of EV buyers has come and gone.
Those who wanted EVs bought them a while ago.
That’s why sales are lower, and the automakers are hurting.
Global EV sales only rose 20% in the first half of 2024. That’s much slower than expected.
Now carmakers are rethink how to move beyond the early adopter market…
- Toyota lowered its target to build 1.5 million to 1 million EVs in 2026.
- Volvo Cars scrapped its goal of going all-electric by 2030.
- Ford reduced its annual capital spending on EVs to 30% from 40% and delayed the release of a new electric version of its top-selling pickup.
This is right on track with what I’ve been saying for the past two years….
The REAL mega trend is not EVs but fossil fuels.
Step Back…
Investors around the globe went all in on green energy.
But not me.
And that’s because my research and analysis were telling me that it wasn’t so.
Green energy wasn’t so green after all.
To make a battery for an EV, you need to dig up 500,000 pounds of dirt. That’s the only way to get the minerals and metals you need — such as lithium, cobalt and graphite.
All that earth needs to be hauled away with dump trucks — like the CAT 797.
Just one of these ginormous vehicles drinks 235,000 gallons of diesel fuel each year. And account for up to half of a mine’s energy usage.
So while we dig up materials for EV batteries, hoping to replace gas-fueled cars, each dump truck will burn up as much fuel as 423 passenger cars.
And that only scratches the surface.
The bottom line: The conventional wisdom was the world was going to be made cleaner with “green” energy.
But that was aspirational, not reality.
Green energy isn’t so green and fossil fuels will still be needed for the next few decades … at least.
Winter is coming.
Colder temps mean warmer houses. That means more oil. And significantly higher prices.
Boone Pickens, one of the great oil tycoons in the early 1980s, found that … “It is cheaper to look for oil on the New York Stock Exchange than it is to drill directly.”
And that’s what I’m seeing right now.
If you don’t have oil and gas companies in your portfolio, you are missing out big time.
Fossil fuels will be the big winners, not just in 2024, but for the next decade!
The time to buy is now.
Regards,
Charles Mizrahi
Founder, Alpha Investor