(NewsNation) – Gas prices are hitting new highs, well above $4 a gallon — the highest price American motorists have faced since July 2008 — as calls mount for an import ban on Russian oil.
Prices at the pump rose long before Russia invaded Ukraine and have risen faster since the war began. The US national average for a gallon of gasoline has risen 45 cents over the past week and surpassed $4.18 on Tuesday, according to the AAA. But could electric vehicles solve the problem?
As gasoline prices began to rise in recent months, 25% of Americans have expressed an interest in making their next car electric.
EVs are not subject to the same price volatility as the global oil market, reducing the cost of fueling your ride.
On average, it costs between $10 and $45 to fill up your electric car at a power station, compared to around $140 currently to fill up a Ford F-150 at the pump.
But depending on the type of EV you buy, you’re still looking for gas, just less.
A normal hybrid uses around 30-60% less fuel than a conventional model, while a plug-in uses around 40% less.
The lack of charging stations across the country and the initial high cost of acquiring an electric vehicle remain the two major disadvantages of electric vehicles, which gas-powered vehicles do not suffer from.
But these fuel cost savings eventually offset the lifetime cost of an electric vehicle.
The United States is the world’s top oil producer — ahead of Saudi Arabia and Russia — but it’s also the top oil consumer, and it can’t meet that staggering demand with domestic crude alone.
“We would easily be talking about a national average that breaks the 5 gallon mark and could go closer to $5.25 or $5.50,” said GasBuddy’s Patrick De Haan.
Autoinsurance.com says nine out of ten car owners are now worried they can’t afford to fill up. But experts warn that we don’t just have to worry about fueling our own cars. Diesel prices are fast approaching their own all-time high, with prices only about 20 cents off a record high. Diesel is the fuel of commerce, so these rising prices will hit your wallet everywhere from the grocery store to the mall to the sky.
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“Anything that’s loaded onto a semi-truck, which is basically all US goods, is going to cost more,” De Haan said. “Remember, this doesn’t just end with tractor-trailers; Trains are also affected, planes, air fares. Anything that uses petroleum will be affected by these record high gas prices and soon record high diesel prices.”