Oil prices have surged after the U.S. attack on Iran, and gas prices, in turn, are beginning to rise. It’s not clear yet how high they’ll go; that depends in part on how long the war lasts, how much the energy trade is disrupted, and how quickly we burn through the current oversupply of oil. But with the situation predicted to drag on for weeks, if not months, it’s possible that high gas prices could eventually nudge more consumers to choose EVs.
In the past, high gas prices have pushed buyers toward different cars. During the 1970s oil crisis, Americans shifted to smaller, more fuel-efficient cars. In 2008, as prices surged again because of global oil demand and supply constraints, sales of more fuel-efficient cars also temporarily grew. By 2022, when Russia’s attack on Ukraine spiked gas prices, electric vehicles were finally widely available, and rising fuel costs helped push EV sales.
Recent Comments