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Biden’s Electric Vehicle Effort Hits Roadblock

via 60 Minutes

The free market economy is impacting President Biden’s plan to push for electric vehicles (EVs) in the US.

Rising prices of minerals needed for EV batteries are causing producers to scale back production, threatening the administration’s goal of transitioning away from gas-powered cars.

The challenges in building new mines and expanding production due to low current mineral prices and the time it takes to start exploiting new mineral discoveries have also produced challenges, with many critics pressing that Biden has prematurely pushed the green agenda. (Trending: Biden Baffles Thanksgiving Guests With Bizarre Joke)

“The disruptions are threatening to deepen shortages of those materials in coming years and hit the brakes on the Biden administration’s timeline for weaning the country off gas-powered cars,” the Wall Street Journal noted.

“This situation is a bit dangerous because the mines aren’t going to get built,” Nickel 28 CEO Anthony Milewski said.

“We should be building those mines now and we’re not.”

“We continue to see production-expansion delays globally,” said Livent CEO Paul Graves.

The free market is expected to adjust, potentially leading to lower EV and battery costs, increased demand, and subsequently higher prices for these products, incentivizing producers to expand operations.

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