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“This important update from the Department of Energy will curtail automakers’ use of phantom credits they used to keep selling gas guzzlers.

In addition, China has pushed a variety of consumer incentives and strengthened regulations that make electric vehicles easier to buy and drive than gas guzzlers.

A top U.S. trade official said Thursday the Biden administration is acutely aware of threats posed by China as America looks to ditch gas guzzlers in favor of climate-friendly electric vehicles.

With gasoline consumption having topped out in the U.S., the world's top gas guzzler, in 2019 and China set to peak around next year, global gasoline markets could move into a surplus from 2025.

They would not explicitly limit the number of gas guzzlers allowed to hit the pavement or require a certain number of EVs to be sold.