Americans Have Very Short Memories Regarding Gasoline Prices

Industry News

Remember $4 a gallon? Few do.

If you think you’ve been seeing more new trucks and SUVs on the road lately then you’re right. In fact, according to The New York Times, citing a report from Edmunds, nearly 75 percent of hybrid and EV owners have traded their vehicles in with an all-gas car. That’s an 18 percent jump from last year and the trend is very likely going to continue. Why? Because gas is cheap. Again. Back in 2008, the year President Obama made a pledge to have a million EVs on the road by 2015 (there’s now around 442,000, including plug-ins), gas prices surged to around $4 a gallon.

Owners, understandably, traded in heavy trucks and SUVs for more fuel efficient and smaller cars. That’s over now. This year alone EV and hybrid sales "have dropped to 2.4 percent of new-car purchases." Crossovers are also experiencing a sales surge, thanks partly to those who previously bought smaller and more efficient vehicles, but now have growing families and require something larger. The report mentions new EVs coming to market very soon, such as the Chevy Bolt, but the real wild card here is the Tesla Model 3. More people placed pre-orders for one than there are EVs on US roads today. Elon Musk as well as climate experts are thrilled. But for now (and with no apparent end in sight) SUV, truck and crossover sales are dominating.

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