Why Republicans are looking to stop the surge in EV leasing

Americans are leasing electric vehicles at record levels because of a federal tax credit in the Inflation Reduction Act. But that growth has been driven by what GOP critics call a “loophole” in the law, and they’ve vowed to repeal the incentive if they regain control of both houses of Congress. POLITICO’s James Bikales breaks down the consumer interest in EV leasing, and why the GOP may put a stop to it. Plus, the Energy Department's Loan Programs Office announced an initial commitment to provide $182.6 million to support projects aimed at lowering steelmaking emissions. For more news on energy and the environment, subscribe to Power Switch, our free evening newsletter: https://www.politico.com/power-switch And for even deeper coverage and analysis, read our Morning Energy newsletter by subscribing to POLITICO Pro: https://subscriber.politicopro.com/newsletter-archive/morning-energy James Bikales is the host of Morning Energy and a reporter for POLITICO. Josh Siegel is an energy reporter for POLITICO. Nirmal Mulaikal is a POLITICO audio host-producer. Annie Rees is the managing producer for audio at POLITICO. Gloria Gonzalez is the deputy energy editor for POLITICO. Matt Daily is the energy editor for POLITICO.