Within weeks of the Russian invasion of Ukraine, the average price for a gallon of gasoline reached its highest point in American history—a range where it has largely remained as the economic isolation of one of the world’s largest petroleum exporters looks to persist for months, if not years.
Ninety-one percent of American households own a car, meaning that almost everyone will feel the sting of elevated fuel prices when they fill up their tanks for the foreseeable future. However, the roughly 2 million owners of electric vehicles (EVs) will be spared the pain at the pump.
An oil shock of the magnitude not seen since the 1973 Arab Oil Embargo has sent Google searches related to EVs surging by 300 percent in the last few months. Thirty-six percent of Americans now say they plan to buy or lease an EV or are seriously considering doing so. The time is ripe to electrify American roads.
Increasing the ownership and production of EVs presents a strategic opportunity to not only insulate the public from price spikes in oil, but also boost the clean manufacturing workforce and decarbonize the transportation sector—the largest source of CO2 emissions in the United States. READ MORE...
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