Gas Prices Approaching the $4 Tipping Point That Could Finally Make Most Trade Their Cars for EVs
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Gas prices in the US are approaching $4 per gallon, a tipping point that could push consumers towards electric vehicles. When gas prices top $4 per gallon, the total cost of ownership for EVs becomes lower than for gas-powered vehicles, according to BloombergNEF estimates.
Gas prices in the US have been rising due to the ongoing conflict with Iran. As of March 19, the national average stands at $3.88 per gallon. This is nearly a dollar higher than at the start of the conflict and just shy of a tipping point that could push consumers towards electric vehicles. When gas prices top $4 per gallon, the total cost of ownership for EVs becomes lower than for gas-powered vehicles. In California, gas prices have already passed this point, with EVs being the cheaper option. The high gas prices are starting to change consumer behavior, with an uptick in search traffic for EVs since the war started.
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