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Reproduced from Rhodium Group; Note: Low and high estimates based on COVID-19 trajectory and recovery; Chart: Axios Visuals

Electric trucks have the potential to displace enough oil to make a "significant dent" in transportation sector CO2 emissions, per a Rhodium Group analysis.

Why it matters: There's lots of buzz — and a lot of money — around electric trucks these days.

  • It estimates the long-term effects of a recent 15-state nonbinding pact to bolster the use of zero-emissions heavy trucks and other medium- and heavy-duty vehicles.
  • California, one of the states, also recently approved mandatory regulations on greatly increasing zero-emissions truck sales between 2024 and 2045.
  • The study also explores the impact if these state efforts were transformed into a nationwide mandate, which would mean more than half the U.S. medium- and heavy-duty fleet would be electric by 2045.

What they found: "If the [15-state] MOU were expanded nationally, the impact would increase six-fold. By 2035, cumulative oil demand would fall by 806 to 843 million barrels, expanding to 4.6 to 4.9 billion barrels by 2045," Rhodium finds.

  • "The long-term effect of expanding California’s approach nationally would reduce oil consumption in 2045 by 16 to 17%," the Aug. 13 analysis notes.

What we're watching: How a potential Joe Biden administration would seek to curb emissions from big trucks.

  • His plan calls eventually having 100% of medium-duty vehicle sales come from electric models, and "annual improvements" in the heavy-duty sector.
  • The analysis also comes as more electric trucks are coming into the market.

Go deeper: States team up in push for electric heavy vehicles

Go deeper

GM abandons Trump lawsuit against California over emissions standards

General Motors CEO Mary Barra speaks at GM headquarters June 12, 2018 in Detroit, MI. Photo: Bill Pugliano/Getty Images

General Motors will pull out of any legal efforts that seek to strip California of its right to set its own clean-air standards, GM CEO Mary Barra said in a letter Monday to environmental groups, per AP.

Driving the news: Barra said the company, which is developing a new battery chemistry that will reduce the costs of electric-vehicle, agrees with President-elect Joe Biden’s plan to expand the use of electric vehicles, AP reported.

2 hours ago - World

Biden will move U.S. troops to Eastern Europe "in the near term"

President Biden boards Air Force One at Joint Base Andrews on Jan. 28. Photo: SAUL LOEB/AFP via Getty Images

President Biden said on Friday he plans to move U.S. troops to Eastern European and NATO countries “in the near term.”

Driving the news: “Not too many” U.S. troops, Biden added in remarks to reporters at Joint Base Andrew upon returning from a trip to Pennsylvania. 

Updated 2 hours ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a potentially historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring hazards ranging from zero visibility amid hurricane force wind gusts and heavy snow, to coastal flooding that will erode vulnerable beaches and threaten property from the Jersey shore to coastal Massachusetts.