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How will electric cars affect gas prices?
Except for hybrids, EVs are independent of gasoline and the gas industry. Can the two run in parallel? How will electric cars affect gas prices, if they affect them at all?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question and this is a valid concern given the current spike in the cost of gas. A growing number of electric cars on the road may increase the cost of gas higher since it may push some oil companies out of business.
A commonly known business principle is that when there is a low supply and high demand the prices can be higher. With a large switch to electric cars, there will not be as high of a demand for oil which will affect the revenue for oil companies. Oil companies would then have to raise prices to make up for lost revenue, which would likely push people towards buying electric vehicles all the more.
It is difficult to say for sure, but looking at economic and buyer trends can give us a potential look into the future.
Gas prices are rising, and they may not fall anytime soon. However, your insurance costs down have to skyrocket.
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