Electric cars are now three to six times cheaper to drive in the US as gas prices rise

Electric cars are now three to six times cheaper to drive in the US as gas prices are getting higher and more volatile.

The fact that electric vehicles are more efficient and less costly to operate than their gas-powered counterparts is not new information, but it is becoming more apparent, and it is on more people’s minds with the recent gas price increases.

Gas prices have been historically volatile, but even more so amidst the Russian invasion in Ukraine and the restrictions on the former country, which happens to be a large producer of oil and gas.

Across the US, gas prices have risen to over $4.20 a gallon on average, with many regions seeing prices over $5 a gallon.

The Zero Emission Transportation Association (ZETA) has released a new paper that calculated how this increase is affecting the cost of operation comparison with electric vehicles.

According to their paper, the gas price increase is now making electric vehicles between three to six times cheaper than gas-powered vehicles depending on the state:

Overall, as of March 2022, driving an EV is dramatically cheaper per mile than driving a gas-powered vehicle. Nationally, EVs are 3-5 times cheaper to drive per mile than gas-powered vehicles. In Arizona, Florida, Georgia, Nevada, North Carolina, Tennessee, and Virginia, some EVs are 5–6 times cheaper to drive.

Unfortunately, the graphics in the report are not really good at visualizing how much cheaper EVs are compared to ICE cars, but you have to focus on the numbers:

ZETA is comparing the Ford F150, Toyota RAV4 and Honda Civic to the F150 Lightning, Rivian R1T, and Tesla Model 3.

Above, you see a comparison between a full tank of gas and full battery pack for those vehicles, but more interestingly, here’s a comparison of the cost per mile:

Joe Britton, the Executive Director of ZETA, commented on the report:

This month’s Consumer Price Index shows once again that gas prices are surging, which has been exacerbated by Putin’s invasion of Ukraine. American families are losing money at the pump to a commodity that is increasingly unpredictable and unaffordable in an already-expensive pandemic year. Our analysis shows that American consumers don’t have to choose between driving their car or saving money. Electric vehicles are affordable now.

The cost per mile difference is also more significant in some regions of the US, such as California:

Here’s the full ZETA report with the cost comparison in 16 other states:

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