Interest in Electric Vehicles Grows as Gas Prices Rise Amid Iran War
As the U.S. continues to wage war in Iran alongside Israel, the subsequent rise in gas prices has caused interest in battery electric vehicles (BEVs) to rise. Unlike combustion engine vehicles, BEVs are entirely powered by electricity, making them relatively insulated from shocks to the global fuel market. In the meantime, the United States’ total reliance on fossil fuels for transport is forcing drivers in the country to dig deeper into their pockets to pay for gas, highlighting another benefit of owning an electric car. The ongoing Iran war has caused gas prices in the U.S. to spike by around 20%, a surge which has reportedly accelerated market interest in electric…