EV charging costs

Electric vehicles (EVs) in the U.S. may be at a turning point, with high gasoline prices prompting would-be car buyers to give them a second look — or a first look, in many cases. EV adoption has been slow to pick up speed in the U.S. for a variety of reasons, including the lack of a nationwide charging network and concerns about “range anxiety.” But a major factor has always been that gasoline-fueled cars have been cheaper to purchase and operate than EVs. The recent run-up in gasoline prices, amplified by Russia’s invasion of Ukraine, has changed the math in those comparisons, at least in the short-term. Is the pace of EV adoption about to accelerate, or will trends in gasoline and electric power prices put the transition into cruise control, or even neutral? In today’s RBN blog, we look at how forecasts for power and gasoline prices might shape the conversations around EVs through 2030.

Even before the recent spike in crude oil and gasoline prices, the subject of a contentious House committee hearing Wednesday with executives from six large oil and natural gas companies, electric vehicles (EVs) were having a bit of a moment. From legacy brands such as BMW and General Motors to the EV startup Polestar, several automakers used their spots during February’s Super Bowl — the most-watched event on the TV calendar, where the cost for a 30-second ad went for a whopping $6.5 million — to highlight their latest EV offerings. Now, with gasoline prices about 50% higher than they were a year ago (and about 20% higher than they were on Super Bowl Sunday), EVs are getting a whole new level of attention from everyday drivers, not just Tesla fanboys, car afficionados, or the environmentally conscious. In today’s RBN blog, we look at whether the recent run-up in gasoline prices will help turn EVs into a more economical option.