The Democrats reconciliation bill — once pegged at $3.5 trillion but now apparently $1.5 trillion due to compromises with conservative West Virginia Democrat Sen. Joe Manchin — could supercharge electric vehicle adoption dramatically in the next few years.

The bill contains a provision that would restore the $7,500 EV tax credit for all models under a certain price, with an additional $4,500 incentive for union-made EVs assembled in the United States. That’s a total incentive of $12,500 off an electric vehicle, which some experts describe as the largest consumer incentive the federal government has offered to date.

This provision comes on the heels of tremendous recent success for electric vehicle sales. Electric vehicles accounted for roughly two percent of all car sales last year, but this past summer, sales increased to nearly five percent of light-duty vehicles like SUVs and sedans and more than twenty percent of all passenger vehicles sales.

Some analysts credit the greater variety of electric models now available, including smaller crossovers like the Volkswagen ID.4. More are on the way, especially electric trucks with the Ford F-150 and Rivian.

So the future of electric vehicles looks promising, but it could be downright blistering with these new incentives.

With all the momentum, are oil executives nervous? Not according to a recent survey by the Federal Reserve Bank of Dallas. More than half the executives who responded predicted that EVs will make up less than a fifth of all car and light truck sales in the United States by 2030.

The survey tells us one thing clearly: the fossil fuel industry is not prepared for this transition, which would only accelerate if Democrats in Congress are successful.