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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.

Dan Primack, author of Pro Rata
38 mins ago - Economy & Business

Why fears of a SPAC bubble may be overblown

Illustration: Annelise Capossela/Axios

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.

Schumer says Senate will stay through weekend to vote on COVID relief

Senate Majority Leader Chuck Schumer (D-N.Y.) accused Sen. Ron Johnson (R-Wis.) of going to "ridiculous lengths" to show his opposition to a COVID relief package widely supported by the American public, after Johnson demanded that the entire 600-page bill be read on the Senate floor.

The state of play: Johnson's procedural move will likely add 10 hours to the 20 hours already allotted for debate, during which Republicans will propose amendments to force uncomfortable votes for Democrats. Schumer promised that the Senate will stay in session "no matter how long it takes" to finish voting on the $1.9 trillion rescue package.