Electric Vehicles, Hybrids, and Improved Fuel Economy Soften Blow of Gas Price Shock

As the USA bans Russian oil imports in the wake of the conflict in Ukraine, oil prices have risen to $110 per barrel, sending gasoline prices and heating bills soaring. If there is a silver lining to this situation, it’s that these oil price shocks are hurting the wallets of Americans less than they would of in the past, due to the improved fuel economy of new vehicles, and the proliferation of electric vehicles. Between 2010 and 2015, global average fuel consumption was reduced by 2.6%, implying a correlated reduced expenditure. In 2018, electric vehicles displaced 323 million gallons of gasoline in the US, 42% higher than the year before. Assuming similar levels of adoption have continued, that’s a lot of pain at the pump avoided by electric vehicle owners. This is just one of the myriad ways energy efficiency and clean energy initiatives deliver value to American consumers.

Ensuring your home and commercial properties are energy efficient is one of the best ways to insulate yourself from rising oil prices. For energy audits, alternative financing solutions and more, contact 360 Energy Group at info@360eg.com.