"Oil is a particularly tricky resource to replace. It has been for 125 years now, except for the past five or six years, when we've had this new competitive lever in electric vehicles. The global EV fleet has been growing for years, gradually chipping away at the world's oil consumption as drivers turn to charging ports instead of gas stations."
"Last year, EVs worldwide avoided the consumption of 1.7 million barrels of oil per day, according to a report published Wednesday by Ember, an independent energy think tank based in the U.K. That's roughly 70% of the 2.4 million barrels Iran exported daily through the Strait of Hormuz in 2025."
"The U.S. and Israeli military campaign in Iran has escalated to involve targets across the Middle East, including the Strait of Hormuz - a narrow waterway at the mouth of the Persian Gulf that serves as the world's most critical fossil fuel chokepoint. The war has effectively closed the oil tanker traffic that used to navigate the strait, which on a normal day carries up to 20% of the world's traded petroleum."
The U.S. and Israeli military campaign in Iran has closed oil tanker traffic through the Strait of Hormuz, a critical global energy chokepoint that normally carries 20% of world-traded petroleum. This disruption has caused global fuel costs to surge, with U.S. gas prices rising to $3.79 per gallon from $2.92 a month prior. However, the rapidly expanding global electric vehicle fleet provides unprecedented mitigation. Last year, EVs worldwide prevented consumption of 1.7 million barrels of oil daily—approximately 70% of Iran's daily strait exports. As fuel prices remain elevated, electric vehicles become increasingly attractive to consumers, offering a competitive alternative to oil-dependent transportation that has been unavailable for over a century.
#electric-vehicles #energy-crisis #oil-supply-disruption #geopolitical-conflict #transportation-electrification
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