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Benzinga
Benzinga
Business
Josh Enomoto

FORGOTTEN HISTORY: Options corner why conocophillips may have received a contrarian lifeline - Caught on Camera

COP ConocoPhillips Jeff Bezos Donald Trump
Kiev,,Ukraine,-,February,18,,2021:,In,This,Photo,Illustration

While supporters of President Donald Trump's "Big Beautiful Bill" are reveling in yet another major political win, Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos — no stranger to winning himself — isn't exactly smiling. The new law will target tax incentives for buying electric vehicles, thereby impeding Bezos' ambitions of disrupting the market. On the other end, hydrocarbon specialist ConocoPhillips (NYSE:COP) may have just received a cynical lifeline.

Thanks to the passage of the "Beautiful" by Congress and Trump, the law will end the $7,500 EV tax credit in months, thereby eliminating one of the primary incentives for consumers interested in making the switch to electric-powered mobility over the traditional combustion-based mode. This move has significant implications for Slate Auto, which is backed by Bezos.

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