Eve is here. Useful news! Can readers point out comparisons of similar gasoline and other parts of the world? There is probably wide variation in electricity prices between the amount of electricity produced by hydro, wind, solar, coal, and nuclear power, and taxes on gas and electricity.
Scandinavian readers will likely disagree with the argument that electricity prices are not subject to sudden and large increases, or that it is easier to generate more electricity if you live in the far north or in a place that receives little sunlight for much of the year, during periods of periodic cloud cover.
The author is Karin Kirk, a geologist and science writer. First published: Yale Climate Connections
Gasoline prices are skyrocketing amid the US-led war with Iran. It is not uncommon for geopolitical conflicts to disrupt fossil fuel economies, but now consumers have more options than ever to protect themselves from rising prices.
EVs are already impacting oil consumption around the world, and as gas prices rise, their simple efficiency could become even more attractive. In all 50 states, charging an EV at home costs significantly less than filling up your car with gas.
The map above shows the cost of charging an EV at home. Prices are expressed in “e-gallons” and are the cost of charging an EV with the equivalent of one gallon of gasoline.
I wrote about the math behind e-gallons and plotted a similar price map in early 2024 when gas was relatively cheap. Still, EVs were much more economical to drive. But now, consumers have even more incentive to switch.
EVs are very efficient
One of the reasons EVs are a bargain as a fuel is because electric drivetrains are much more efficient than internal combustion engines. Consider that the price of gas is $4 per gallon. In an internal combustion engine vehicle, approximately $3 worth of gasoline is lost as waste heat and friction, and only $1 worth of fuel actually gets the car on the road. The remaining energy is lost in the process.
EVs are much simpler machines. The battery generates the current that rotates the rotor, which in turn rotates the drive shaft. EVs also recover energy lost during braking and send electricity back to the battery as the vehicle decelerates. Overall, about 90% of the original energy used to charge a car is used to propel the vehicle.
Even in the worst-case scenario, where EVs are charged on a coal-heavy power grid, EVs are still more efficient than gasoline-burning cars. For a complete explanation and diagram, see Electric cars use half the energy of gasoline cars. This is probably the most cited and reused work I’ve ever written.
>Electricity prices don’t skyrocket like oil prices
The cost of charging an EV at home is based on your residential electricity bill. Because electricity is regulated and power companies need government approval to raise prices, electricity prices don’t spike or spike like oil prices. Utilities are allowed to temporarily adjust rates to take into account changes in fuel prices, but the effects will still vary, resulting in prices that remain fairly stable over time.
(Image credit: Karin Kirk)
People can’t make their own gasoline, but they can generate their own electricity
Petrol or diesel car drivers rely on a single source of energy, making them vulnerable to supply interruptions. The situation could be even tougher for a commodity like oil, which trades at global prices regardless of where it is produced.
However, electricity can come from multiple sources, and utilities can vary the proportions of different energy sources in their portfolios to keep prices down. Because electricity prices are lower when demand is low, some power companies offer discounted rates for off-peak EV charging. Some people charge their EVs with rooftop solar panels. This provides additional protection from price increases. No matter how many wars are waged over fossil fuels, solar will remain free.
New EVs are expensive to purchase, but used EVs have value.
Although the price difference between EVs and gasoline-powered cars is narrowing, new EVs are still more expensive than gasoline-powered cars. These two types of vehicles have similar prices on the used car market. As of early 2026, buyers were paying about $1,400 more for a used EV than a similar gas-powered vehicle. Used EVs are selling faster than used gas-powered cars, with about 40% of used EVs selling for less than $25,000, according to analysts at Recurrent, which tracks the EV market. On average, used EVs are thousands of fewer in stock and newer than similarly priced gas-powered cars.
No, charging an EV at the data center next door won’t cost as much as gasoline.
Electricity prices are rising, but not enough to change the basic economics of EV charging. To put things into perspective, residential electricity bills have increased by 27% over the past five years (thanks in part to data centers). This is certainly a problem in itself. But for EVs to cost as much to charge as gasoline today, electricity prices would need to rise by an additional 250%.
