The electric Ford Mustang Mach-E, shown at a trade event in Los Angeles in 2019, is the third-best selling electric car in the U.S. but costs $15,000 more than its gas-powered equivalent. If you believe the hype about electric vehicles (EVs), the internal combustion engine will soon be a thing of the past. Congress, under the recently enacted Inflation Reduction Act, has extended generous subsidies to buyers of EVs. President Biden wants EVs to account for 67% of auto sales by 2032, and California plans to ban the sale of gas-powered vehicles in 2035. Soon enough, proponents suggest, EVs will be sitting in every American driveway, ending our love affair with the internal combustion engine, breaking our centurylong dependence on oil and allowing the U.S. to deeply cut its carbon emissions.

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