Source: Fortune
Summary
The US-Iran conflict has led to a surge in fuel costs worldwide, with average gas prices in the US rising to $3.79 a gallon. However, the global electric vehicle (EV) fleet has been growing, and last year, EVs worldwide avoided the consumption of 1.7 million barrels of oil per day. The conflict has sparked renewed interest in EVs, with search traffic for EVs jumping 20% in the US. Experts say that EVs could provide a critical cushion against high fuel prices and that a shift towards EVs could protect the economy from oil price volatility.
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The numbers tell one story. The Iran conflict has escalated, and fuel costs have soared. But the global EV fleet is growing, and EVs are becoming more attractive to buyers. The US is not immune to oil price volatility, despite being a net exporter of oil. Experts say that EVs could provide a hedge against oil price shocks. The shift towards EVs is gaining momentum, with China’s existing electric car fleet accounting for over $28 billion a year in avoided oil imports.
Author: Evan Null
