The announcement follows the passage of the Inflation Reduction Act, which expands electric vehicle tax credits for consumers, but also adds stipulations that to quality, vehicle battery components need to be made in North America. The factory is expected to employ 2,200 people.Īdditionally, Honda announced it will invest $700 million and add 300 jobs to three of its Ohio factories so they can start manufacturing electric vehicles. Honda will team up with LG Energy Solution of South Korea to build the $3.5 billion battery factory as a joint-venture southern Ohio. This has been the backbone of my economic plan: America is leading the world again, rebuilding our supply chains, infrastructure, and manufacturing here at home,” Biden said in a statement. “Just as my CHIPS and Science Act is spurring record investments in communities across the country, my Inflation Reduction Act is driving a manufacturing boom for electric vehicles.
President Biden on Tuesday touted the plans for Honda to build a joint-venture electric vehicle battery factory in Ohio, saying new investments are part of the backbone of his economic agenda. Read more here, from The Hill’s Zach Schonfeld.īiden touts plans for EV battery plant in Ohio “And certainly in light of the OPEC decision, I think that’s where he is, and he’s willing to work with Congress to think through what that relationship ought to look like going forward.” “I think the president’s been very clear that this is a relationship that we need to continue to reevaluate, that we need to be willing to to revisit,” Kirby said on CNN. Saudi Arabia and its OPEC+ allies subsequently announced small oil production increases before implementing the latest cut. intelligence concluded Saudi Crown Prince Mohammad bin Salman approved his killing, leading to an outcry from human rights advocates and Biden, who during his 2020 campaign said he would make Saudi Arabia a “pariah” state.īut weeks after average gas prices peaked at more than $5 per gallon nationwide, Biden reversed course in July and traveled to Saudi Arabia to appeal to the crown prince. The longstanding military alliance has persisted through what has at times been a rocky relationship, including after the 2018 murder of Washington Post columnist and Saudi dissident Jamal Khashoggi. has sold weapons to Saudi Arabia and stationed U.S. This is expected to raise gasoline prices, which has become a hot button issue, as has inflation more broadly. The energy takeaway: The OPEC+ announcement will reduce global oil supplies. “I don’t think this is anything that’s going to have to wait, or should wait quite frankly, for much longer,” Kirby continued. “I think the timeline is now, and I think he’s going to be willing to start to have those conversations right away,” Kirby told CNN’s Brianna Keilar of Biden’s plans to reevaluate the relationship.
The White House expressed disappointment after the announcement from OPEC+, which is comprised of the 13 OPEC nations and 11 nonmembers including Russia, and some Democratic lawmakers have since called for freezing American arms sales and military support to Saudi Arabia. White House national security spokesman John Kirby on Tuesday said President Biden is willing to immediately begin reevaluating the U.S.-Saudi relations after the country and its oil-exporting allies announced production cuts of 2 million barrels per day.
OPEC cuts cause US to reexamine Saudi ties Someone forward you this newsletter? Subscribe here. For The Hill, we’re Rachel Frazin and Zack Budryk. This is Overnight Energy & Environment, your source for the latest news focused on energy, the environment and beyond. Meanwhile, the president is touting a new EV battery plant in Ohio. The Biden administration will reassess its relationship with Saudi Arabia following OPEC+ production cuts.
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