Why $4 gasoline is the tipping point for EVs
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The current high gasoline prices in the US, with a national average of $4.16 per gallon, may push consumers towards electric vehicles. Experts estimate that when gas prices top $4 per gallon, the total cost of ownership for EVs becomes lower than for gas-powered vehicles.
The US national average gasoline price has reached $4.16 per gallon. This price point may encourage consumers to switch to electric vehicles. Experts say that when gas prices exceed $4 per gallon, EVs become the cheaper option. In California, where electricity costs are high, gas prices have already passed the point at which EVs are more cost-effective. A AAA survey found that $4 per gallon is the threshold at which most Americans will change their driving habits. EV sales rose in 2022 when gas prices surged due to the war in Ukraine. However, limited charger availability and higher upfront costs may hinder a rapid shift to EVs.
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