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   Climate: Time to tax oil and gas?
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             Gas prices in Washington on Friday.
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             Annabelle Gordon/Reuters
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        <h1 style="color:#000;font:400 30px/37.5px georgia,serif;margin:0 0 12px">
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          Is it time to tax oil and gas companies’ windfall profits?
         </span>
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             <p style="font:13px/18px arial,sans-serif;letter-spacing:.2px;color:#000;font:600 13px/18px arial,sans-serif;margin-bottom:3px">
              By
              <a class="css-nanfcg" style="-webkit-text-decoration:underline;text-decoration:underline;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc;color:inherit">
               Claire Brown
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As U.S. gas prices soar to their highest levels in four years, it’s becoming clear that the war in Iran has been very profitable for oil and gas companies. BP boasted about “exceptional” performance in the first quarter of this year, and TotalEnergies, which is based in France, announced $5.4 billion in net profits, Patricia Cohen
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported
         </a>
         <span>
          last week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, the finance ministers of a handful of European countries, including Germany and Italy, along with a few
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Democrats in the Senate
         </a>
         <span>
          , are calling for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          windfall taxes on the war-related gains
         </a>
         <span>
          of oil and gas companies. These excess profits are the result of the war in Iran, the argument goes, as opposed to savvy business decisions, and should be taxed more. Governments could then use the proceeds to send money back to consumers saddled with high energy bills or invest in renewable energy sources.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This is not a new idea. In 2022, E.U. countries, Britain and India imposed windfall taxes on fossil fuel suppliers after Russia’s invasion of Ukraine sent energy prices soaring. In the 1980s, the U.S. imposed its own windfall tax on oil companies, and at one point President Jimmy Carter planned to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          use some of the proceeds to subsidize solar loans
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But efforts at taxing oil and gas windfalls have run into a fundamental problem: Sometimes, they just don’t raise as much money as expected. Today, we’ll explain a few of the reasons.
         </span>
        </p>
        <h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
         <span style="font-weight:700">
          Shell games
         </span>
        </h3>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When France implemented a temporary windfall tax on the net income of fossil fuel companies in 2022, policymakers expected it to bring in up to $3 billion in revenue. Instead, businesses paid just $69 million.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What happened?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Researchers at the Paris School of Economics came up with an explanation based on an analysis of international corporate earnings data. Oil and gas companies seemed to be shifting their profits from high-tax countries to tax havens where effective rates were around 6 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In a typical year, they found, companies reported around 12 percent of their profits in countries with very low tax rates — like Mauritius, Macau and Malta, for example. When oil prices were higher, the proportion of profits booked in tax havens rose to 20 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          How is this possible? “In theory, the company is supposed to book the profits where the activity is really happening,” said Alice Chiocchetti, one of the authors of the paper.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But oil and gas companies tend to have complex webs of subsidiaries that buy goods and services from one another, and they have some leeway to determine how much one part of the company charges the other.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That means a company making 50 percent of its profits in France might find a way to shift a few percentage points of revenue to its other businesses headquartered in tax havens, lowering its taxable income in France and its global tax bill overall.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          There are additional reasons the tax underwhelmed. The tax applied to fewer companies than policymakers had anticipated. And companies deducted previous years’ losses from their income, a common corporate accounting practice that lessened the companies’ tax bills, said Manon Francois, a postdoctoral researcher at Stanford University who studies corporate taxation.
         </span>
        </p>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Customers and workers at a gas station in Los Angeles watched President Jimmy Carter speak in 1979.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Associated Press
            </span>
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        <h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
         <span style="font-weight:700">
          A U.S. experiment
         </span>
        </h3>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the 1970s, as the U.S. began ending its price controls on oil, many foresaw a boon for oil and gas extraction companies on the horizon. A new tax on the oil industry was viewed as a political necessity. (The Times editorial board
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          came out in support
         </a>
         <span>
          of the tax in 1979, arguing that something needed to be done about oil and gas profits.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This wasn’t a typical windfall tax, imposed as a one-time levy in response to extraordinary circumstances. Instead, it was designed to tax crude oil production over time. Different producers were taxed at different levels in a complicated system
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the Government Accountability Office called, in a 1984 report
         </a>
         <span>
          , “perhaps the largest and most complex tax ever levied on a U.S. industry.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But after the tax passed, oil prices didn’t reach the dizzying heights that some had predicted. And the tax didn’t bring in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nearly as much revenue
         </a>
         <span>
          as expected. In its final two years, it brought in no revenue at all. President Ronald Reagan campaigned against it, and lawmakers worried that it was dragging down domestic production.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Congress repealed the Crude Oil Windfall Profits Tax in 1988. By that point, The Times editorial board, formerly supportive, had turned against it.
         </span>
        </p>
        <h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
         <span style="font-weight:700">
          What’s next
         </span>
        </h3>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The findings from the Paris School of Economics researchers could help lawmakers close loopholes in future versions of a windfall tax. Chiochetti and her co-author Ninon Moreau-Kastler said a more effective structure could be based on a number that is “not manipulable.” Instead of taxing local income, which companies can often shift, countries might opt to tax energy companies based on their domestic sales or refining volume.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the U.S., there are more straightforward ways to force the fossil fuel industry to pay more than imposing a new windfall tax. As the Congressional Research Service
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pointed out in a 2022 report
         </a>
         <span>
          , lawmakers could simply revoke some of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          many industry-specific subsidies
         </a>
         <span>
          that lower companies’ annual tax bills.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          We also know more than we used to about what happens when lawmakers do nothing. After the 2022 Russia-Ukraine fuel crisis resulted in record profits for fossil fuel companies, the wealthiest 1 percent of Americans reaped about half of the benefits globally,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recent research has found
         </a>
         <span>
          .
         </span>
        </p>
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            <img alt="A person swings a golf club, with a large mount of debris in the background beyond a nearby fence. " class="css-3vswge" height="380" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F05%252Fmultimedia%252F05cli-newsletter-WindfallTax-03-gkzw%252F05cli-newsletter-WindfallTax-03-gkzw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwMDc2NDAuMzQ3Mzk2fQ:1wKL0a:UMHzoVSkVrcFEReCwlKsVx9UVMQSyn2Y5P8Q0XK4L1k" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             A mound of debris and rubble from the demolition of the East Wing of the White House at the East Potomac Golf Course on Monday.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Kevin Lamarque/Reuters
            </span>
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         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         THE TRUMP ADMINISTRATION
        </p>
        <h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
         <span>
          Soil at Washington golf course where East Wing debris were dumped contains toxic metals
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Soil at a public golf course in Washington where the Trump administration dumped debris from the demolition of the White House East Wing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has tested positive for lead, chromium and other toxic metals
         </a>
         <span>
          , according to data from the National Park Service.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The data, which the Park Service published on its website last week, showed relatively low levels of these contaminants in the soil at East Potomac Golf Links.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet the dump raised questions about the decision by the Trump administration to bypass environmental laws when it dropped truckloads of mud, rebar, plaster and other debris in the middle of the popular public course near the Jefferson Memorial.
         </span>
         <span style="font-style:italic">
          — Maxine Joselow
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-weight:700">
          Read more
         </a>
         <span>
          .
         </span>
        </p>
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           </td>
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        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         NUMBERS OF THE DAY
        </p>
        <h3 style="color:#000;font:400 20px/27.5px georgia,serif;margin:0 0 10px">
         <span style="font-weight:700">
          150 wind projects, totaling 30 gigawatts
         </span>
        </h3>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Brad Plumer reports
         </a>
         <span>
          that, according to a wind industry trade group, the Trump administration is blocking more than 150 onshore wind farms across the United States by delaying military reviews that were once considered routine. Together, those wind farms would have been expected to generate 30 gigawatts of electricity. One gigawatt, he writes, can provide enough electricity for more than 300,000 homes, although wind turbines can’t produce power at all hours.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700">
          What the science says
         </span>
         <span>
          : Wind turbines create two problems for radar on ships and for ground-based systems looking for aircraft,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Eric Niiler writes
         </a>
         <span>
          . First, the steel support towers can reflect electromagnetic waves, making it more difficult for radar to pick up nearby objects. And, second, the rotating blades can create a “blade flash” on a radar screen, appearing to be another object where there is none. But researchers say the problem is manageable, by using new technologies and by adjusting where companies build wind turbines.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%">
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            <h2 class="css-hjhb8p" style="letter-spacing:.4px;font:700 17px/25px arial,sans-serif;color:#000;margin:0;padding:0">
             OTHER NYT CLIMATE NEWS
            </h2>
           </td>
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            <table role="presentation" style="width:100%">
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               <td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <img alt="Article Image" class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F01%252Fmultimedia%252F2026-04-20-cli-super-elnino-index%252F2026-04-20-cli-super-elnino-index-square640-v3.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwMDc2NDAuMzQ3NDk4N30:1wKL0a:5X9OaQm_M0GzEqfOx1v-jKarJA9IKawt6TO4knLgHhk" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
                 <p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
                  The New York Times
                 </p>
                </a>
               </td>
               <td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
                  A Strong El Niño May Be Coming. Global Warming Is Changing Its Effects.
                 </h3>
                 <p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
                  As the planet warms, past episodes of the natural weather phenomenon may no longer be a reliable guide of how the next one plays out.
                 </p>
                 <p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
                  By Raymond Zhong and Harry Stevens
                 </p>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
            <table role="presentation" style="width:100%">
             <tbody>
              <tr>
               <td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <img alt="A bridge is seen spanning the Colorado River with trees and hiking trails nearby." class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F04%252Fclimate%252F04cli-hunting%252F04cli-hunting-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwMDc2NDAuMzQ3NTkyNH0:1wKL0a:rki7gZ2J2b4caDY5tOhYeJRWyBzmvaNV8ABlHH7sxa8" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
                 <p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
                  Alamy
                 </p>
                </a>
               </td>
               <td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
                  Trump Administration Orders Rapid End to Some Hunting Rules on Federal Lands
                 </h3>
                 <p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
                  Internal Interior Department documents show parks are imposing sweeping changes like expanding areas where firearms can be used and allowing game to be cleaned in restrooms.
                 </p>
                 <p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
                  By Lisa Friedman
                 </p>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
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           <td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
            <table role="presentation" style="width:100%">
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              <tr>
               <td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <img alt="Keith Ellison, wearing a dark jacket and button-down shirt, gestures as he speaks into a microphone. " class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F04%252Fclimate%252F04cli-minnesota%252F04cli-minnesota-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwMDc2NDAuMzQ3NjgzNH0:1wKL0a:8k-4b9Dwc_g4whuBKI-gEwal3Uv4rR3j4qfaw4wtwHc" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
                 <p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
                  Stephen Maturen/Getty Images
                 </p>
                </a>
               </td>
               <td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
                  Trump Administration Sues Minnesota to Block Climate Lawsuit
                 </h3>
                 <p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
                  The Justice Department is seeking to block a lawsuit filed against major players in the fossil fuel industry over their role in climate change.
                 </p>
                 <p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
                  By Karen Zraick
                 </p>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
            <table role="presentation" style="width:100%">
             <tbody>
              <tr>
               <td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <img alt="Tom Steyer, wearing a suit and red plaid tie, answers questions from television reporters. Behind him is a backdrop for an “Inside California Politics” debate." class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F04%252Fmultimedia%252F04nat-steyer-coal-jvqg%252F04nat-steyer-coal-jvqg-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwMDc2NDAuMzQ3Nzc3Nn0:1wKL0a:Pr51mzEDvlZlxrAE0FKvXm33Y2_hJu1D_QQGvj28cf8" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
                 <p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
                  Fred Greaves/Reuters
                 </p>
                </a>
               </td>
               <td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
                  A Climate Activist Wants to Run California. Coal Helped Fuel His Wealth.
                 </h3>
                 <p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
                  Questions linger about the finances of Tom Steyer, who has emerged as a leading contender in the California governor’s race. He says he has asked that his money be separated from fossil fuel investments.
                 </p>
                 <p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
                  By Danny Hakim, Julie Tate and Laurel Rosenhall
                 </p>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
            <table role="presentation" style="width:100%">
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               <td class="css-5i4540" style="display:inline-block;width:291px;max-width:291px;vertical-align:top">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <img alt="A hand plugging a charging plug into a car." class="css-7y77sk" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F05%252Fmultimedia%252F05biz-ford-ev-tlbq%252F05biz-ford-ev-tlbq-square640.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwMDc2NDAuMzQ3ODcxNX0:1wKL0a:kyVwEdvz9g5YqMtniDhBbmnI48XpLrm62SFZuE2zL3E" style="width:291px;box-sizing:border-box;vertical-align:top" width="291"/>
                 <p style="color:#888;font:11px/17px georgia,serif;margin:2px 0 0;text-align:right">
                  Kate Medley for The New York Times
                 </p>
                </a>
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               <td class="css-r8caib" style="min-width:291px;width:100%;vertical-align:top;box-sizing:border-box;padding-left:15px">
                <a class="css-sdwaa1" style="-webkit-text-decoration:underline;color:#000;text-decoration:none;display:block">
                 <h3 style="color:#000;margin:0;padding:0 0 5px;font:700 20px/25px georgia,serif">
                  After Setbacks, Ford Says Its Affordable Electric Truck Is on Track
                 </h3>
                 <p class="css-1bi319l" style="color:#333;font:17px/22.5px georgia,serif;margin:0;margin-bottom:10px">
                  Ford Motor has written off $20 billion in electric vehicle investments but says it is forging ahead with an electric pickup that will sell for $30,000 next year.
                 </p>
                 <p style="color:#000;font:600 13px/18px arial,sans-serif;margin:0;letter-spacing:.2px">
                  By Jack Ewing
                 </p>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
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           <td class="css-11kh5w9" style="padding:0;padding-bottom:25px;border-top:1px solid #dcdcdc;padding-top:20px">
            <table role="presentation" style="width:100%">
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