Latest news with #UnleashingAmericanEnergy
Yahoo
3 days ago
- Business
- Yahoo
The fight to save California public land from a Canadian mining company
I live in a ghost town — once the most lucrative silver mine in California. For the past five years, I've spent nearly every day rebuilding Cerro Gordo, a long-abandoned boomtown perched high in the Inyo Mountains above Owens Valley. The buildings are collapsing. The roads wash out with every storm. Owens Lake, once full of water, is now a dry, desolate dust bowl. If anyone understands what's left behind after a gold rush ends, it's me. But the ghosts here aren't just long-gone miners, they're the consequences of short-term thinking. And now, we're about to summon more of them. This time, it will be on public land that should belong to all of us. The Bureau of Land Management recently released a Draft Environmental Impact Statement endorsing what amounts to the most permissive plan legally possible for a controversial mining project — just eight miles from Death Valley National Park and three miles from my front door. The plan would allow K2 Gold, a Canadian mining company, to cut new roads and drill up to 30 sites across one of the last intact stretches of California's high desert — public land. Yours, mine and ours. And under an outdated federal law, it can be torn open, stripped bare and left behind, without a dime paid to the people who actually own it, all in preparation for what they hope will become an open-pit cyanide leach mine. The BLM claims that this project supports Department of the Interior Secretarial Order 3418 – Unleashing American Energy, and helps 'meet the needs of American citizens.' But that order is about unlocking domestic energy and critical minerals. Gold isn't one. The U.S. Geological Survey was tasked with identifying critical minerals, and of the 50 they listed in 2022, gold didn't make the cut. It's not needed for national security. It's not about American energy. And with profits flowing to foreign investors, it's hard to see how it meets any real need of American citizens. The land in question — Conglomerate Mesa — isn't some empty tract of remote desert. Overlanders see it from Death Valley National Park. Millions of travelers driving Highway 395 through Lone Pine toward Mammoth Lakes or Yosemite see it from the road. Each year, 20,000 hikers on Mt. Whitney look out over this landscape which is currently filled with Joshua trees, ancient bristlecone pines and sacred Indigenous sites. But if this project succeeds, they'll look out on a growing open pit mine, slowly dismantling an entire mountain. In 2021, an earlier version of this project was halted after overwhelming public opposition. More than 20,000 people submitted comments, and the BLM issued its most restrictive ruling. What changed? Not the land. Now, the project is being fast-tracked under a new federal directive — Secretarial Order 3418 — to promote domestic resource development. But there's nothing 'domestic' about this. Thanks to the General Mining Act of 1872, written in the days of pickaxes and prospectors, long before national parks, environmental laws or even statehood in much of the West, mining companies can stake claims and extract hardrock minerals from public lands royalty-free. The law originally applied to 'citizens,' but under modern interpretation, that includes any company incorporated in the U.S. — even if its ownership and profits lie abroad. That's how foreign firms like K2 Gold, operating through U.S. subsidiaries, can mine our public lands without paying a cent in royalties. According to the Center for American Progress, nine of the 14 gold-producing companies operating in the U.S. are foreign-owned. The Government Accountability Office estimates that closing this royalty loophole could generate up to $800 million annually for the U.S. Treasury. Every other extractive industry — oil, gas and coal — pays for the resources it takes from public land. Mining doesn't. It's the only nonrenewable industry in the country that still gets a completely free ride. Meanwhile, communities like mine bear the cost. The gold K2 is chasing won't benefit Inyo County. It won't fund schools, pave roads or create long-term jobs. It will flow to investors in Vancouver. And what's left behind — scarred land, abandoned roads and a hurting economy — will stay right here. Tourism — not mining — is the economic backbone of this region. Inyo County is home to Mount Whitney, the tallest peak in the lower 48, and serves as a gateway to Death Valley National Park. Conglomerate Mesa sits between them, visible to hikers, travelers and overlanders who sustain local businesses. If this mine moves forward, that future disappears. Hikers and photographers won't return to roads lined with fences and machinery, and the businesses they once supported will vanish, too. Proponents say it's 'just exploration,' but that's like calling the first swings of an axe 'just pruning.' Once roads are carved and drills begin, the damage is real and permanent. I've seen what mining leaves behind because I live among its ruins. Mining may be part of California's past, but it doesn't have to define its future, and the good news is that we can do something about it. Right now, the BLM is accepting public comments on its draft environmental review. In 2021, more than 20,000 people spoke out — and it worked. The BLM issued the most restrictive ruling possible. That can happen once again, but it takes action. Brent Underwood is the owner and caretaker of Cerro Gordo, a historic 19th-century mining town in the Inyo Mountains. He has lived there full-time since 2020, working to preserve its history and shared his story in his book Ghost Town Living .
Time of India
24-05-2025
- Automotive
- Time of India
How Elon Musk's Tesla could benefit from Trump's ‘big beautiful bill' that axes EV subsidies
You have until December 31 to buy an electric vehicle and claim the $7,500 tax credit if Trump's 'One Big, Beautiful Bill' makes it through the Senate (likely) and on to the president's resolute desk for his signature (for sure). Currently, the EV tax credits, which were implemented after former President Biden signed the Inflation Reduction Act in 2022, are set to expire December 31, 2032. On January 20, Trump signed an executive order titled 'Unleashing American Energy,' which seeks to eliminate tax credits for electric vehicles (EVs) and halt federal funding for the national EV charging network. While the order effectively ended funding for the charging infrastructure in February, the EV tax credits are still in place. Why no tax credit could be a good news for Tesla? The $7,500 federal tax credit for electric vehicles is likely to be eliminated by the end of the year, according to a draft proposal released yesterday by the House Ways and Means Committee. The proposal is expected to be included in President Donald Trump's forthcoming comprehensive legislation, often referred to as his 'one big, beautiful bill.' The bill will not only eliminate the $7,500 credit on new EV purchases, but also the $4,000 credit given on the purchase of used electric vehicles, and a $1,000 credit on the installation of Level 2 chargers. It will also impact solar subsidies that help generate clean energy in a residential setting. EVs would also be subject to a $250 road use fee. While the loss of this credit could be a significant setback for many electric vehicle manufacturers—who depend on it to help offset the higher cost of EVs—it may not impact Tesla as severely. During a July earnings call, CEO Elon Musk was asked how the potential rollback of Biden-era tax incentives might affect the company. His response was characteristically opaque: 'I guess there would be like some impact. But I think it would be devastating for our competitors and would hurt Tesla slightly. But long term, probably actually helps Tesla, would be my guess.' Though Musk didn't elaborate, there may be merit to his assessment. For Tesla, there could be some positives from the bill and it all comes down to timing. In the long run, the current situation wouldn't bode well for Tesla—particularly if it weren't for two key developments: a slight delay in delivery timelines and the upcoming launch of more affordable vehicle models. Tax credit sun-setting advantage As the $7,500 EV tax credit will begin to phase out, it presents a unique opportunity for Tesla. Potential buyers who've been hesitant now face a decision: purchase an EV this year while the credit is still available, or wait and gamble on future price cuts. It's likely that many of these on-the-fence consumers will choose to act now, boosting Tesla's sales simply due to this sense of urgency. Other automakers are expected to benefit from the same dynamic. This surge in demand could help compensate for Tesla's sluggish start to the year, largely due to production line upgrades for the Model Y at its global facilities. Affordable models on the horizon Earlier this year, Tesla announced plans to introduce more affordable vehicles in the first half of 2025. These models are expected to be priced around $30,000, though the company hasn't confirmed exact pricing. Ideally, these new EVs will be accessible even without tax incentives—targeting a broader customer base across the US The arrival of truly affordable models could help mitigate the impact of expiring tax credits, positioning Tesla to maintain competitiveness and appeal to cost-conscious buyers.
Time of India
23-05-2025
- Automotive
- Time of India
How Elon Musk's Tesla could benefit from Trump's ‘big beautiful bill' that axes EV subsidies
You have until December 31 to buy an electric vehicle and claim the $7,500 tax credit if Trump's 'One Big, Beautiful Bill' makes it through the Senate (likely) and on to the president's resolute desk for his signature (for sure). Currently, the EV tax credits, which were implemented after former President Biden signed the Inflation Reduction Act in 2022, are set to expire December 31, 2032. On January 20, Trump signed an executive order titled 'Unleashing American Energy,' which seeks to eliminate tax credits for electric vehicles (EVs) and halt federal funding for the national EV charging network. While the order effectively ended funding for the charging infrastructure in February, the EV tax credits are still in place. ALSO READ: 10 ways Trump's 'big beautiful bill' could affect your wallet by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 34歳以上の男性が今年最高のゲームと絶賛！ BuzzDaily Winners ゲームをプレイ Why no tax credit could be a good news for Tesla? The $7,500 federal tax credit for electric vehicles is likely to be eliminated by the end of the year, according to a draft proposal released yesterday by the House Ways and Means Committee. The proposal is expected to be included in President Donald Trump's forthcoming comprehensive legislation, often referred to as his 'one big, beautiful bill.' The bill will not only eliminate the $7,500 credit on new EV purchases, but also the $4,000 credit given on the purchase of used electric vehicles, and a $1,000 credit on the installation of Level 2 chargers. It will also impact solar subsidies that help generate clean energy in a residential setting. EVs would also be subject to a $250 road use fee. Live Events While the loss of this credit could be a significant setback for many electric vehicle manufacturers—who depend on it to help offset the higher cost of EVs—it may not impact Tesla as severely. During a July earnings call, CEO Elon Musk was asked how the potential rollback of Biden-era tax incentives might affect the company. His response was characteristically opaque: 'I guess there would be like some impact. But I think it would be devastating for our competitors and would hurt Tesla slightly. But long term, probably actually helps Tesla, would be my guess.' ALSO READ: In US tax bill, babies to get $1,000 bonus in 'Trump Accounts': Check eligibility criteria and other details Though Musk didn't elaborate, there may be merit to his assessment. For Tesla, there could be some positives from the bill and it all comes down to timing. In the long run, the current situation wouldn't bode well for Tesla—particularly if it weren't for two key developments: a slight delay in delivery timelines and the upcoming launch of more affordable vehicle models. Tax credit sun-setting advantage As the $7,500 EV tax credit will begin to phase out, it presents a unique opportunity for Tesla. Potential buyers who've been hesitant now face a decision: purchase an EV this year while the credit is still available, or wait and gamble on future price cuts. It's likely that many of these on-the-fence consumers will choose to act now, boosting Tesla's sales simply due to this sense of urgency. Other automakers are expected to benefit from the same dynamic. This surge in demand could help compensate for Tesla's sluggish start to the year, largely due to production line upgrades for the Model Y at its global facilities. ALSO READ: Trump's 'Big, beautiful bill' is here: Who are the top gainers and losers? Check details Affordable models on the horizon Earlier this year, Tesla announced plans to introduce more affordable vehicles in the first half of 2025. These models are expected to be priced around $30,000, though the company hasn't confirmed exact pricing. Ideally, these new EVs will be accessible even without tax incentives—targeting a broader customer base across the US The arrival of truly affordable models could help mitigate the impact of expiring tax credits, positioning Tesla to maintain competitiveness and appeal to cost-conscious buyers.
Yahoo
14-05-2025
- Business
- Yahoo
BLM announces ‘significant policy shift' related to solar, wind leases
LAS VEGAS (KLAS) — Discounted leases for solar and wind projects would be rescinded under a proposal announced Wednesday by the federal government. The U.S. Bureau of Land Management called it a 'significant policy shift' to eliminate conditions that favored renewable energy projects under the Biden administration. It has wide implications for projects in Nevada, where BLM leases provide the land for solar energy projects planned between Las Vegas and Reno, as well as elsewhere in the state. It's not unexpected, but shows how federal agencies are implementing the sweeping executive orders that came out in the first days of the Trump administration. 'An economic blow to Nevada': Trump's executive order on energy has wide implications 'Eliminating the Biden administration's preferential treatment of unaffordable, unreliable'intermittent' projects and dismantling excessive, one-sided restrictions on traditional energy sources like oil, gas, and critical minerals, will unlock the full potential of America's natural resources,' Secretary of the Interior Doug Burgum said in the announcement. 'This step will restore balance, strengthens our energy independence, and ensures taxpayers get the maximum return from the responsible use of our public lands,' he said. Nevadans have shouldered the burden of high utility bills in recent years as natural gas prices soared, but prices dropped after a big spike in 2022. Renewable energy has become a bigger part of the electricity that NV Energy sells — rising to 47% in 2024. The BLM news release said the move 'would eliminate rate reductions that biased renewable energy development over other energy sources, while still allowing renewables to play a part in achieving American Energy Dominance. This action would align with the direction of Executive Order 14154 and Secretary's Order 3418, Unleashing American Energy, which will reinvigorate the U.S. energy sector by creating high-paying jobs as well as safe, reliable, and robust domestic energy production on BLM-managed lands.' BLM said it would show a commitment to 'all-of-the-above energy development that serves the national interest.' Specifically, it proposes to rescind a rule issued on May 1, 2024. The announcement follows a Tuesday news release that promised faster reviews of leases, reducing the entire process to six months. The Trump administration had previously ordered environmental reviews to be less cumbersome, reducing the time allowed to complete the process. Oil and gas leases can be competitive in some states, but a recent auction in Nevada brought only the minimum bid for most of the land available. An article posted by the advocacy group Taxpayers for Common Sense said Nevada has little potential for oil and gas development. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-05-2025
- Automotive
- Yahoo
$7,500 EV tax credit hasn't gone away — at least not yet
Questions about the future of the $7,500 federal electric vehicle tax credit might have sown some confusion about its availability for those in the market for a new or used EV. For the time being, at least, the credit should be available for buyers, although the Detroit Free Press, part of the USA TODAY Network, has heard of instances where auto dealers have held back by not offering the credit to buyers who want it up front in the form of a rebate at the point of sale. Some politicians in Washington have also suggested its days are numbered. One dealer told the Free Press, however, that his group is actively offering the credit. A spokesman for the IRS said 'taxpayers should take advantage of all lawful credits that are available to them that make economic sense for them.' That might include the EV tax credit, which is currently set to expire at the end of 2032. In general, the credit is worth up to $7,500 for qualified new vehicles, or up to $4,000 for qualified used vehicles. House Speaker Mike Johnson this week told Bloomberg that Republicans in the U.S. House of Representatives might end the credit, however. 'I think there is a better chance we kill it than save it,' Johnson told the news service. 'But we'll see how it comes out.' President Donald Trump made EVs a target of his ire even before he took office in January, prompting some interested EV buyers to head to dealerships earlier this year in case the credit was eventually repealed. Since then, the president has continued to focus on EVs, including proposing to cut $15 billion in clean energy projects and subsidies as part of his recently released budget outline. The Trump administration said "The budget … ends taxpayer handouts to electric vehicle (EV) and battery makers.' More: Some EV tax credits risk being rejected by IRS on 2024 returns for long list of reasons Trump had set the tone on the first day of his second term with an executive order called 'Unleashing American Energy." It referenced consideration of "the elimination of unfair subsidies and other ill-conceived government-imposed market distortions that favor EVs." But Trump notably also made an unprecedented sales pitch at the White House on March 11 for EV-maker Tesla as the company had come under intense pushback over CEO Elon Musk's work as a key presidential adviser running the so-called Department of Government Efficiency. It's safe to say that electric vehicle tax credits are high on the priority list for changes or repeal, if the Inflation Reduction Act credits are viewed as a revenue offset as part of a broader tax package, said Garrett Watson, director of policy analysis at the Tax Foundation, a nonprofit research organization. 'We should know much more once Ways and Means releases its draft details potentially over the next week prior to their markup hearing,' Watson said. Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting in Riverwoods, Illinois, said the repeal of the Clean Vehicle Tax Credit is certainly under consideration. In February, U.S. Senate Republicans proposed a pair of bills to kill the country's $7,500 electric vehicle tax credit and impose a new $1,000 tax on EVs to pay for road repairs, according to Reuters. Luscombe noted that the House is working on its own budget reconciliation bill. 'The House Ways and Means Committee is certainly looking for revenue to help pay for tax cuts and looking to support President Trump's tax proposals, and eliminating the Clean Vehicle Credit would support both of those objectives,' Luscombe said. 'I believe that the House Ways and Means Committee is still looking at how many of the clean energy credits in the Inflation Reduction Act should be repealed; however, as Speaker Johnson has indicated, the Clean Vehicle Credit is one of the most likely to be included for repeal.' Luscombe said he does not believe the Senate bills are likely to move forward. The tax package that's most likely to move forward, if anything manages to do so, would likely be the budget reconciliation bill currently being worked on in the House, he said. More: Amid tough year, Tesla releases a new, cheaper version of the Model Y 'It is possible that the language in the Senate bills would end up being picked up by the Ways and Means Committee for the budget reconciliation bill,' Luscombe said. Despite some uncertainty, buyers can still get the credit. Scott Kunes, chief operating officer of Kunes Auto & RV Group, said his dealerships are 'absolutely offering and promoting the credit wherever it applies, including for eligible hybrids.' The dealership group sells a range of brands, including those from Stellantis, owner of Jeep, Ram, Chrysler, Dodge and Fiat, General Motors, Hyundai, Mitsubishi, Honda, Mercedes-Benz, Volvo and Toyota. However, he noted uncertainty among dealers. "Yes, the $7,500 EV tax credit is still available for qualifying vehicles, but we're seeing growing confusion among both dealers and consumers about which models are eligible due to evolving battery sourcing requirements and final assembly requirements. The rules have become increasingly complex, and that's making it harder for some dealers to confidently promote the credit at the point of sale," said Kunes, whose group includes dealerships in Illinois, Iowa and Wisconsin. The EV tax credit rules are complicated — and will not work for everyone. The credits do not apply to every electric vehicle or plug-in hybrid. Buyers must meet set income limits. Buyers can see to search for eligible vehicles and better understand the rules. The IRS has a fact sheet online relating to questions about new, previously owned and qualified commercial clean vehicle credits. Kunes is not a fan of efforts to do away with the credit, and he warned that to do so could turn EV adoption into a luxury rather than a mainstream option. "Phasing out or eliminating the EV tax credit would be a step in the wrong direction, especially at a time when affordability is top of mind. The tax credit plays a key role in helping buyers access the long-term benefits of EV and hybrid ownership without bearing the full cost upfront,' Kunes said. 'Instead of rolling back the credit, we should be simplifying and strengthening it so more consumers, and dealers, can confidently take part in the EV future." Free Press staff writer Todd Spangler contributed to this report. Contact Eric D. Lawrence: elawrence@ This article originally appeared on Detroit Free Press: EV federal tax credit: Where does it stand in 2025?
