Absolutely Crazy! Spiking Gas Prices Have More Americans Considering (Drum Roll, Please) Gay, Woke Electric Vehicles!! [View all]

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Several experts say high gasoline prices are a strong driver of EV sales, particularly if high prices persist. Drivers also consider more gasoline-efficient hybrid vehicles during these times.

Car-shopping resource Edmunds analyzed consumer shopping data for the week starting March 2, after the Iran war had begun. They found that interest in hybrids, plug-in hybrids and battery EVs accounted for 22.4% of all vehicle research activity on their site that week, up from 20.7% the previous week. Analysts also looked back at the last major nationwide fuel price surges in 2022, and they saw that consideration of electrified vehicles consideration rose sharply then, too.

But whether this means more EV purchases depends on whether buyers expect to save not just now but in the future, experts say. Adding to the complexity: A sudden increase in EV demand could drive up prices, Graham said. “I think the real step change would be in whether this causes governments to shift tax, tariff policies around EVs,” Graham said. Doing so would help reduce fossil fuel dependence, he said.

Does driving electric really save money? Pretty much. People who buy EVs have a “really substantial” gas savings over the life of their vehicles even without government tax credits, said Peter Zalzal, an attorney with Environmental Defense Fund. “We’re talking about thousands and thousands of dollars” in savings, Zalzal said. “And as gas prices increase, those savings are only greater. Fuel costs are a big piece of overall vehicle costs, and increases in fuel prices have significant impacts on people.”

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https://apnews.com/article/climate-oil-prices-war-electricity-electric-vehicles-d6cfbd933bc55fc713f3cf732aa7ea34