This past week, the Biden administration released a plan in order to issue $5 billion to various states so that a national electric vehicle charging network could be funded over the course of the next five years.

This particular plan, referred to as the National Electric Vehicle Infrastructure Formula Program, will be part of the Biden administration's grander motive of fighting against climate change caused by people and to move forward with the clean energy transition.

The administration has revealed that electric vehicles will likely be much more economical for Americans, as opposed to current gas-powered vehicles. They have also predicted that over 50% of cars in America will be electric or plug-in hybrids by the year 2030. This plan entails that states should be required to put in their requests to the Joint Office of Energy and Transportation by August 1.

Later on in the year, another grant program will likely be employed, which is "designed to further increase EV charging access in locations throughout the country, including rural and underserved communities," according to the Biden administration.

"It's going to help ensure that America leads the world on electric vehicles," President Joe Biden stated during a speech earlier in the week regarding electric vehicles and their overall impact.

"China has been leading the race up to now, but this is about to change," Biden added. "Because America is building convenient, reliable, equitable national public charging networks. So wherever you live, charging an electric vehicle will be quick and easy."

This new decision on the part of the Biden administration will likely enable states to establish a network of electric vehicle charging stations located along the highway system, revealed senior Biden administration officials in a press conference this past Wednesday.

President Biden has stated that this step to establish charging stations could very well save drivers who utilize electric vehicles up to $1,000 in gasoline per year.

"Building out a national network of charging stations will mean less pollution, more jobs and cleaner cars," Elizabeth Gore, senior vice president of political affairs at the Environmental Defense Fund, said in a press statement. "It will also allow more Americans to skip paying at the pump by making electric vehicles a practical choice for more working families."