More shoppers are visiting Edmunds’ website to look for electric vehicles (EVs) as gas prices increase due to the ongoing conflict in Iran. During the week of March 2, 22.4% of searches were for electrified models, up from 20.7% the previous week. Most of this rise comes from searches for full EVs.
The conflict in Iran is impacting global oil markets. Iran’s ability to produce oil has decreased, and it has closed an important shipping route. As a result, oil prices have surged. Currently, the national average for gas is $3.58 per gallon, more than 50 cents higher than a month ago.
This spike in gas prices is making more Americans consider electric cars. Edmunds found that searches for hybrid and full EVs rose significantly, following a similar trend seen during the early stages of the Ukraine invasion in 2022, when EV searches also increased sharply.
The situation has affected many countries beyond the U.S. For example, Japan and South Korea are trying to manage their oil and gas prices. Many consumers are reconsidering their car options due to the high prices at the pump.
However, buying options for affordable cars remain limited, and many people cannot afford to trade in their less efficient vehicles. Despite this, there are still some good deals on used EVs, as more will likely become available soon.
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