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President Joe Biden has vetoed an effort by Congressional Republicans to roll back the first update to heavy truck pollution standards in 22 years. The new soot standards targeted by Republicans are estimated to save thousands of lives and tens of billions of dollars.

We expected this veto when we originally reported on Senate Republicans passing a resolution to roll back the rule in April. House Republicans went on to pass it in May. Both chambers passed the resolution expecting Biden’s veto, but despite this knowledge they still made yet another public effort to kill Americans and cost them money.

Heavy duty trucks are a primary contributor to harmful air pollution. This is particularly true for the types of pollution that harm human health, like ozone, particulate matter and NOx. While light duty vehicles do make up the majority of global warming emissions (CO2), heavy duty vehicles make far more than their fair share of these other harmful pollutants.

And so, in December, the EPA finalized a rule updating heavy truck emissions standards, the first update to these standards since 2001. The rule goes into place starting in model year 2027 and would reduce NOx emissions by 48%. But they are still significantly lighter regulations than those in some states, like California, which just made a big update to its truck regulations.

The EPA’s 2027 rule would save 2,900 lives, prevent 18,000 cases of childhood asthma and prevent 6,700 hospital admissions. It would also lead to 78,000 fewer lost days of work, 1.1 million fewer lost school days and save $29 billion per year by 2045, and when accounted for in net present value, the benefits are greater than the costs today. These benefits would go disproportionately to disadvantaged communities who live closer to truck routes and depots.

So, this rule is an unequivocal benefit. Like most environmental regulations, the rule both reduces costs and improves quality of life. It’s a no-brainer, a win-win for everyone.

And yet, Congressional Republicans voted to reverse it. The effort started in the Senate where Republicans were joined by Joe Manchin (D-WV), but otherwise the 50-49 vote was entirely along party lines. All 49 Republicans and Manchin voted to poison America and waste money, and 48 Democrats and Kyrsten Sinema (I-AZ) voted to clean the air and save money.

Dianne Feinstein (D-CA) was on an extended absence at the time and missed the vote, which is what allowed the Republicans to push the measure through.

The vote then went on to the House, where 217 Republicans and 4 Democrats voted in favor of poisoning Americans, while 202 Democrats and 1 Republican voted against.

The vote was a resolution under the Congressional Review Act, which allows Congress to block federal regulatory actions. The Act was passed in 1996 but rarely used until 2017, when Congress used it several times, mostly notably to reverse consumer protections implemented under President Obama.

Even before undertaking this effort, Congressional Republicans knew that it would not become law. The move merely seized on the absence of one Democratic Senator, but it was clear that Biden would veto this effort to kill Americans and cost them money, so it was a fruitless effort from the start.

Republicans argued that the reason they want to poison everyone and cost them money is because the cost of complying with this new rule – which, once again, would save, not cost, $29 billion annually – was too high.

Senator Deb Fischer (R-NE) led the effort which she called “bipartisan,” despite it being supported by 266 Congressional Republicans and just 5 Democrats. She said that since past regulations have worked very well to get emissions down, then new regulations to get emissions down are not necessary – an argument that explicitly acknowledges that regulations work to reduce pollution.

She also said that the cost of complying – which could be as little as $2,568 per truck, a small fraction of the six-figure price of heavy duty vehicles – would be too high. Her statement runs counter to calculations showing that this rule would result in not only health benefits, but net financial benefit for the US.

Environmental groups praised Biden’s veto today, with the Environmental Defense Fund saying “the EPA’s commonsense protections will minimize health harms and save lives all across the country” and the Union of Concerned Scientists saying “it’s deeply disappointing that Congress used this flawed process to try and undo important public health protections” – while also pointing out that the new truck rule could, and should, be even stronger than the EPA has proposed.

Electrek’s Take

Whenever we write articles like this, we end up getting a few comments saying “stop getting political! it’s not fair that you target one party!”

We do understand the point that compliance to new regulations can cost money. And sometimes, those compliance costs are high for little benefit. But here, those compliance costs and net benefits have been calculated, and they’re positive. As is the case with so much environmental regulation these days, especially with the advent of electrification and renewable generation, we can improve both the economy and health at the same time. That is the case here as well.

All we do here at Electrek is advocate for electric vehicles. We do this openly – you know that this is the position we’re coming from, and you know why we’re doing it. We’re doing it because we like clean air, we like energy efficiency, we like technology, we like better cars. We don’t make a secret about this. We want to live in a better world, and we’re pretty sure you do, too.

In our coverage of these efforts to live in a better world, there is one party which seems to be unequivocally against doing so. When we cover efforts to make things better, these efforts are not being led by republicans. And when we cover efforts to make things worse, those efforts are being led by republicans.

So when we point out, time and time again, that republicans are voting to poison you, this is not an example of us being partisan. This is an example of republicans picking the side of poison, and us reporting on it factually.

And in this case they weren’t even going to get it into law. They knew this, and yet they still voted for it, as if to say: “hey, if given the chance, we want everyone to know that our goal is to kill you and make things worse.” It wasn’t even necessary for them to do so, they could try to keep it a secret or something, but it’s all out in the open. As the saying goes: “when people show you who they are, believe them.”

And so, we have to call these efforts what they are: efforts to poison you and cost you money. We would be happy to see republicans stop these efforts, and they can choose to do so anytime, and we will gladly and fairly report on it if they do.

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Shipping groups avoid the Strait of Hormuz to reduce exposure after U.S. strikes on Iran

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Shipping groups avoid the Strait of Hormuz to reduce exposure after U.S. strikes on Iran

An Islamic Revolutionary Guard Corps speed boat sailing along the Persian Gulf during the IRGC marine parade to commemorate Persian Gulf National Day, near the Bushehr nuclear power plant in the seaport city of Bushehr, in the south of Iran, on April 29, 2024.

Nurphoto | Nurphoto | Getty Images

The number of vessels navigating the critically important Strait of Hormuz appears to be declining, according to the world’s largest shipping association, amid deepening fears of a widening conflict in the Middle East.

Jakob Larsen, head of security at Bimco, which represents global shipowners, said all shipowners were closely monitoring developments in the region and some have already paused transits in the Strait of Hormuz due to the deterioration of the security situation.

His comments come shortly after the U.S. on Saturday attacked three major Iranian nuclear enrichment facilities, a massive escalation in its involvement with Israel’s effort to cripple Tehran’s nuclear program.

Iran has condemned the attack, saying it reserves all options to defend its sovereignty and people.

“Before the US attack, the impact on shipping patterns was limited,” Bimco’s Larsen said.

“Now, after the US attack, we have indications that the number of ships passing is reducing. If we begin to see Iranian attacks on shipping, it will most likely further reduce the number of ships transiting through the [Strait of Hormuz],” he added.

The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, is recognized as one of the world’s most important oil chokepoints.

In 2024 and the first quarter of 2025, for instance, flows through the narrow waterway made up roughly 20% of global oil and petroleum product consumption, according to the U.S. Energy Information Administration. Around 20% of global liquified natural gas (LNG) also transited through the Strait of Hormuz last year, primarily from Qatar.

The inability of oil to traverse through the waterway, even temporarily, can ratchet up global energy prices, raise shipping costs and create significant supply delays.

Yet, in the aftermath of the U.S. attacks on key nuclear sites, Iran’s parliament reportedly approved the closure of the waterway, risking alienating its neighbors and trade partners.

Standby mode

Strait of Hormuz is a ‘very difficult’ area of the world to secure, oil analyst says

Japan’s Nippon Yusen, one of the world’s largest ship operators, recently introduced a standby to enter the Strait of Hormuz to limit the length of its stay in the Persian Gulf, according to S&P Global Commodity Insights, citing a company spokesperson.

Nippon Yusen’s policy, which comes as part of a precautionary measure following the escalation of Isreal-Iran tensions since June 13, means ships are asked to pause for a day or a couple of days when there is flexibility in the shipping schedule, S&P Global Commodity Insights reported on Monday.

The company has not implemented a navigation halt in the Strait of Hormuz, however.

Japan’s Mitsui O.S.K Lines also instructed vessels to limit time spent in the Gulf following U.S. strikes on Iranian nuclear facilities, Reuters reported Monday, citing a company spokesperson.

Spokespeople at Nippon Yusen and Mitsui OSK Lines were not immediately available to comment when contacted by CNBC.

Satellite image of the Strait of Hormuz, a strategic maritime choke point with Iran situated at the top with Qeshm Island and the United Arab Emirates to the South. Imaged 24 May 2017.

Gallo Images | Getty Images

German container shipping firm Hapag-Lloyd said it is continuing to sail through the Strait of Hormuz.

“However, the situation is unpredictable and could change within a matter of hours. In this case, our emergency and response plans, which we maintain as part of our crisis management system, come into effect,” a Hapag-Lloyd spokesperson said.

Insurance costs to spike

Peter Sand, chief analyst at pricing platform Xeneta, said container shipping activity in the Persian Gulf and upper Indian Ocean appears to be continuing as expected for now.

“All companies access the risk individually – but the current situation requires them all to do so several times a day. Staying in close dialogue with national intelligence agencies and their own captains onboard the ships,” Sand told CNBC by email.

Insurance costs, meanwhile, have “probably” been hiked again, Sand said, noting Iran’s parliament reportedly approved the closure of the Strait of Hormuz.

Any final decision to close the waterway rests with the country’s national security council, and its possibility has raised the specter of higher energy prices and aggravated geopolitical tensions, with Washington calling upon Beijing to prevent the strait’s closure.

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CNBC Daily Open: Trump followed up on his threat to strike Iran — will this help or harm his credibility?

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CNBC Daily Open: Trump followed up on his threat to strike Iran — will this help or harm his credibility?

Reporters photograph an operational timeline of a strike on Iran at the Pentagon on June 22, 2025, in Arlington, Virginia, U.S.

Andrew Harnik | Getty Images News | Getty Images

The United States conducted airstrikes on three of Iran’s nuclear sites on Saturday, entering Israel’s war against Tehran. The timing was unexpected. On Thursday, U.S. President Donald Trump said he was still considering U.S. involvement and would arrive at a decision “within the next two weeks.”

Financial and political analysts had largely taken that phrase as code word for inaction.

“There is also skepticism that the ‘two-week’ timetable is a too familiar saying used by the President to delay making any major decision,” wrote Jay Woods, chief global strategist at Freedom Capital Markets.

Indeed, Trump has commonly neglected to follow up after giving a “two week” timeframe on major actions, according to NBC News.

And who can forget the TACO trade? It’s an acronym that stands for “Trump Always Chickens Out” — which describes a pattern of the U.S. president threatening heavy tariffs, weighing down markets, but pausing or reducing their severity later on, helping stocks to rebound.

“Trump has to bury the TACO before the TACO buries him … he’s been forced to stand down on many occasion, and that has cost him a lot of credibility,” said David WOO, CEO of David Woo Unbound.

And so Trump followed up on his threat, and ahead of the proposed two-week timeline.

“There will be either peace, or there will be tragedy for Iran far greater than we have witnessed over the last eight days,” Trump said on Saturday evening.

But given Trump’s criticism of U.S. getting involved in wars under other presidents, does America bombing Iran add to his credibility, or erode it further?

What you need to know today

The U.S. strikes Iran
U.S. President Donald Trump on Saturday said the 
United States had attacked Iranian nuclear sites, pushing America into Israel’s war with its longtime rival. Secretary of Defense Pete Hegseth said Sunday that “Iran’s nuclear ambitions have been obliterated,” a sentiment echoed by Trump, who stressed that “Obliteration is an accurate term.” The decision to attack Iran engages the American military in active warfare in the Middle East — something Trump had vowed to avoid.

Iran calls attacks ‘outrageous’
Iran’s Foreign Minister Abbas Araghchi on Sunday said Tehran reserves all options to defend its sovereignty and people after the “outrageous” U.S. attacks on three of its major nuclear enrichment facilities. Iranian state-owned media, meanwhile, reported that Iran’s parliament backed closing the Strait of Hormuz, citing a senior lawmaker. The U.S. on Sunday called on China to prevent Iran from doing so.

Investors assess U.S. attacks
U.S. futures slid Sunday evening stateside as investors reacted to Washington’s strikes on Iran. Futures tied to the S&P 500 lost 0.17%, Dow Jones Industrial Average futures fell 0.24% and Nasdaq 100 futures dropped 0.21%. On Monday, Asia-Pacific markets mostly fell at 1:45 p.m. Singapore time. Japan’s Nikkei 225 slipped 0.15% and South Korea’s Kospi Index retreated 0.3%. However, Hong Kong’s Hang Seng Index bucked the trend to climb 0.29%.

Oil prices pare gains
U.S. crude oil were up 1.1% to $74.65 per barrel, while global benchmark Brent climbed 1.12% to $77.88 per barrel early afternoon Singapore time. The commodity pared gains from earlier in the day, when prices jumped more than 2% in oil’s first trading session after Saturday’s events. That said, multiple analysts raised the prospect of oil hitting $100 per barrel, especially if exports through the Strait of Hormuz are affected.

[PRO] Eyes on inflation reading
Where markets go this week will depend on whether the conflict in the Middle East escalates after the U.S.’ involvement. Investors should also keep an eye on economic data. May’s personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, comes out Friday, and will tell if tariffs are starting to heat up inflation.

And finally…

A trader on the floor of the New York Stock Exchange during the first session of the new year on January 2, 2025, in New York City, U.S.

Timothy A. Clary | Afp | Getty Images

Why global markets are brushing off U.S. strikes on Iran

The U.S. joining the war between Israel and Iran might seem like a geopolitical flash point that would send markets tumbling.

Instead, investors are largely shrugging off the escalation, with many strategists believing the conflict to be contained — and even bullish for some risk assets.

“The markets view the attack on Iran as a relief with the nuclear threat now gone for the region,” said Dan Ives, managing director at Wedbush, adding that he sees minimal risks of the Iran-Israel conflict spreading to the rest of the region and consequently more “isolated.”

Furthermore, rhetoric around the idea of shutting down the Hormuz waterway has been recurring from Iran, but it has never been acted upon, with experts highlighting that it is improbable.

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Why global markets are brushing off U.S. strikes on Iran

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Why global markets are brushing off U.S. strikes on Iran

A trader on the floor of the New York Stock Exchange during the first session of the new year on January 2, 2025, in New York City, U.S.

Timothy A. Clary | Afp | Getty Images

The U.S. joining the war between Israel and Iran might seem like a geopolitical flashpoint that would send markets tumbling. Instead, investors are largely shrugging off the escalation, with many strategists believing the conflict to be contained — and even bullish for some risk assets.

As of 1 p.m. Singapore time, the MSCI World index, which tracks over a thousand large and mid-cap companies from 23 developed markets, declined only 0.12%. Safe havens are also trading mixed, with the Japanese yen weakening 0.64% against the dollar, while spot gold prices slipped 0.23% to $3,360 per ounce. The dollar index, which measures the U.S. dollar against a basket of currencies, rose 0.35%. 

In general, the market reactions after the U.S. strikes have been less aggressive, especially relative to just over a week ago when Israel launched airstrikes against Iran.

“The markets view the attack on Iran as a relief with the nuclear threat now gone for the region,” said Dan Ives, managing director at Wedbush, adding that he sees minimal risks of the Iran-Israel conflict spreading to the rest of the region and consequently more “isolated.”

While the gravity of the latest developments should not be dismissed, they are not seen as a systemic risk to global markets, other industry experts echoed.

On Saturday, U.S. President Donald Trump said that the United States had attacked Iranian nuclear sites. Traders are now keeping a close eye on any potential countermeasures from Iran following the U.S. strikes on its nuclear facilities.

Iran’s potential closure of the Strait

Iran’s foreign minister warned that his country reserved “all options” to defend its sovereignty. According to Iranian state media, the country’s parliament has also approved closing the Strait of Hormuz, a pivotal waterway for global oil trade, with about 20 million barrels of oil and oil products traversing through it each day.

“It all depends on how Iran responds,” said Peter Boockvar, chief investment officer at Bleakley Financial Group. “If they accept the end of their military nuclear desires… then this could be the end of the conflict and markets will be fine,” he told CNBC. Boockvar is not of the view that Iran will carry out the disruption of global oil supplies.

The worst-case scenario for markets would occur if Iran were to close the Strait, which is unlikely, said Marko Papic, chief strategist at GeoMacro Strategy.

“If they do, oil prices go north of $100, fear and panic take over, stocks go down ~10% minimum, and investors rush to safe havens,” he said.

However, markets are subdued now given the “limited tools” that Tehran has at its disposal to retaliate, Papic added. 

The idea of shutting down the Hormuz waterway has been a recurring rhetoric from Iran, but it has never been acted upon, with experts highlighting that it is improbable.

In 2018, Iran warned it could block the Strait of Hormuz after the U.S. pulled out of the nuclear deal and reinstated sanctions. Similar threats were made earlier in 2011 and 2012, when senior Iranian officials — including then-Vice President Mohammad-Reza Rahimi — said the waterway could be closed if Western nations imposed more sanctions on Iran’s oil exports due to its nuclear activities.

“Tehran understands that, if they were to close the Strait, the retaliation from the U.S. would be swift, punitive, and brutal,” Papic added.

In a similar vein, Yardeni Research founder Ed Yardeni said the latest events have not shaken his conviction in the U.S. bull market.

“Geopolitically, we think that Trump has just reestablished America’s military deterrence capabilities, thus increasing the credibility of his ‘peace through strength’ mantra,” he said, adding that he is targeting 6,500 for the S&P 500 by the end of 2025.

While predicting geopolitical developments in the Middle East is a “treacherous exercise,” Yardeni believes that the region is in for a “radical transformation” now that Iranian nuclear facilities have been destroyed.

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