"Clean energy advocacy group Transport & Environment estimates that gas car drivers in Europe will be hit five times harder than EV drivers if oil stays above $100 a barrel. It predicts that the cost to drive 100 kilometers (62 miles) will increase to 14.20 (up 3.80) for gas-powered cars. Electricity costs will rise too, but the impact will be much less severe."
"EV drivers are generally less exposed to oil price shocks because electricity prices do not follow crude oil as closely as pump prices do. Higher oil prices will likely put upward pressure on electricity generation costs, the organization notes, but electricity rates are not prone to big swings. It also helps that EVs can be powered by renewables, which are not directly impacted by spiking oil and gas prices."
Electric vehicles provide significantly greater protection against oil price shocks compared to traditional petrol cars. Transport & Environment research indicates that European petrol car drivers would experience five times greater cost increases than EV drivers if oil remains above $100 per barrel. For a 100-kilometer journey, petrol car costs would rise by €3.80 to €14.20, while EV electricity costs would increase by only €0.70 to €6.50. This disparity exists because electricity prices do not fluctuate as dramatically as crude oil prices. Additionally, EVs powered by renewable energy sources remain completely insulated from oil and gas price volatility, providing long-term economic stability for drivers.
Read at insideevs.com
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