Gas Is Over $4.50 a Gallon. For Your Next Rental, Should You Try an E.V. or Hybrid? We Do the Math.

Crude oil prices increased by more than 50 percent after a U.S. attack on Iran in February, pushing gas prices to a national average of $4.56 per gallon. AAA reported the price is $1.38 higher than a year ago, and travelers are responding to the higher costs. A WalletHub study found 59 percent of Americans said high gas prices affect their travel plans, and more than half planned to spend less on travel this summer than last. Many travelers are turning to electric and partially electric hybrid rentals. Turo reported a 28 percent year-over-year increase in electric and hybrid bookings since mid-April, and Hertz also saw rising interest. Electric vehicles can save owners up to $2,200 per year when charging at home, but renters may face different costs and time requirements when paying commercial charging rates.

"Since the United States attacked Iran in February, the price of crude oil has shot up by more than 50 percent, causing gas prices to surge to a national average of $4.56 a gallon, according to AAA, the driving and leisure travel membership organization. That's $1.38 above the price per gallon a year ago. Travelers are feeling the pinch."

"In a new study from the personal finance website WalletHub, 59 percent of Americans said high gas prices were affecting their travel plans, and more than half said they planned to spend less on travel this summer compared with last."

"To do that, many are turning to electric and partially electric hybrid rentals. Since mid-April, Turo, a platform for owners to rent their cars, has tracked a 28 percent increase year over year in electric and hybrid bookings. Hertz said it had also seen a rise in interest in recent months."

"Fully electric vehicles save money for owners who can charge at home. The U.S. Department of Energy puts the savings at up to $2,200 a year on average. But the calculation changes when you rent an E.V. and pay commercial rates for a charge. Here is how to do the math both in money and in time and where to look for E.V.s and hybrids."

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