- Fuel prices have risen 10% in a week due to the war in the Middle East
- Trump said “if they go up, they go up” about price increases
- Analysis shows that electric vehicle owners will be largely protected
The ripple effect of the US-Israel war with Iran is beginning to be felt by the global consumer, with fuel prices rising 10% in North America, while oil rose above $90 a barrel, its highest level in years, according to PakGazette.
In the UK, RAC policy chief Simon Williams also said petrol has now risen 3.7p to 136.53p a litre, since Saturday in the UK, while diesel has risen 6p to a 16-month high of 148.35p.
However, Williams believes prices are expected to continue rising, as it typically takes two weeks for price changes to reach the gas station.
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Despite promising to reduce energy costs for American citizens, President Trump shrugged off rising costs, stating that “if they go up, they go up” during an interview with PakGazette.
But the butterfly effect could be much worse, as Joseph Brusuelas, chief economist at RSM, a middle-market insurance, tax and consulting firm, told The Guardian that if US oil prices rise to $125 a barrel, US gross domestic product (GDP) could fall by at least 0.8% and consumer inflation could rise to 4%, even as Chris Wright, the secretary of the US Department of Energy, tries to add assurances that a rise in oil prices the power would last weeks, not months.
While no one is willing to predict the future, new analysis has revealed that electric vehicle drivers are largely protected from price increases resulting from global instability, particularly in the UK.
Limits on electricity prices until June will “protect electric vehicle drivers from the current crises”, the Energy and Climate Intelligence Unit (ECiU) said.
This is further helped by the fact that renewables will help soften the blow of any rise in gas prices, as well as the more pertinent point that electric vehicles remain cheaper than petrol cars, with fuel accounting for less than a third of the cost even during the 2022 gas crisis, according to ECIU Head of Transport Colin Walker.
If EV customers can charge at home, at much cheaper national rates, usually overnight, they can take advantage of costs as low as 7 pence or 5 to 7 cents per kilowatt hour.
This is further reduced if the home also has a solar and/or battery storage system like the Tesla Powerwall.
Even if you don’t want to go completely off the grid for now, opting for an electric vehicle could be the best way to protect yourself from fuel price spikes in the future. Here are three affordable electric vehicle options that I recommend as a reviewer:
1. Nissan Leaf
- From: $29,990 / £32,249 / AU$50,990
The latest Nissan Leaf is a big departure from the original innovative electric vehicle, as it is not limited by a relatively poor driving range and noisy build quality, with the all-new model offering up to 386 miles of WLTP range (303 miles EPA) and charging speeds of 20-80% in around 30 minutes.
Energy efficiency is also excellent thanks to an improved aerodynamic shape, while the interior is packed with premium materials and a wide range of digital displays. There is even the option of installing a Bose sound system integrated into the driver’s headrest. An excellent option for the money.
2. Hyundai Ioniq 5
- From: $36,600 / £40,695 / AU$76,200
Of course, this isn’t exactly a cheap option, nor is it the newest electric vehicle on the market, but the Ioniq 5 still packs plenty of tech under its futuristic body. For starters, there’s 800V charging, allowing for ultra-fast charging in some markets.
The largest battery option (84kWh) offers up to 354 miles on a single charge on the WLTP cycle (318 EPA), meaning many owners will only need to plug it in every few days. What’s more, behind its daring style lies a very practical family hatchback, which manages to look spacious and special at the same time.
3. Tesla Model 3
- From: $36,990 / £37,990 / AU$54,900
Tesla’s CEO may well be divisive and the company isn’t exactly a fan favorite right now, but it’s hard to deny that the newly updated Model 3 is an excellent electric vehicle. There are 321 miles of EPA range (332 miles WLTP) in the base rear-drive version, which still manages an impressive 0-60 mph sprint time of 6.2 seconds.
The brand’s 15.4-inch front-row touchscreen is arguably one of the best in the business, and without wanting to sound like a broken record, Tesla’s Supercharger network continues to lead the way in terms of ease of use and reliability.
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