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

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

TraderKnowsTraderKnows
2024-06-19
Summary: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."

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TraderKnows
Written byTraderKnows
Created date:2024-06-19 02:20
Last Updated:2024-06-19 03:12
Independent Analysis: Manually researched and fact-checked by the TraderKnows Compliance Team, based on public regulatory records.
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