Gasoline tops $4, but EV drivers are hit too

Drivers at the charger saw their fuel price rise more than those at the pump in the last three months.

Despite fluctuating gasoline prices, peak summer energy prices hit EV drivers hardest in July, August and September.

Lansing-based research and consulting firm Anderson Economic Group studies the real-life costs of electric vehicles, including public and home charging.

Comparing energy costs, road taxes, the cost of chargers, and “dead miles” between service stations, the electric vehicle driver came out ahead financially when he relied on a home charger, but not when he used charging stations. commercial cargo.

However, home electricity costs were on a steep slope in the third quarter compared to what they traditionally are.

The rising energy index contributed significantly to high inflation in July and August. Year-on-year energy increased 32.9% in July and 23.8% in August.

The energy index fell 5% from September as the gasoline index declined, but the electricity and natural gas indexes rose, according to the Consumer Price Index.

Electricity increased 15.8% in September, the largest increase in 12 months since the period ending in August 1981.

As a result, gasoline prices prompted a 16-cent increase for internal combustion engine drivers compared to a 50-cent increase for electric vehicle domestic fuel costs during the third quarter.

Prices of electric vehicles vs gasoline

Anderson Economic Group defines mid-priced vehicles in the range of $30,000 to $45,000.

Anderson Economic Group compares luxury and mid-priced vehicles from both car categories. They define mid-priced vehicles as being in the range of $30,000 to $45,000.

Most mid-priced electric vehicles charge at home, costing drivers $11.67 per 100 miles. For electric vehicle owners who rely on commercial chargers, where drivers pay per kilowatt, that price rose to $14.43 per 100 miles.

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Comparatively, the owner of a mid-priced gasoline car paid $13.70 per 100 miles in the third quarter. High gas prices from April through June caused the cost of fuel for a mid-priced gasoline vehicle to increase by nearly $2 per 100 miles.

At the time, Senator Debbie Stabenow was hot on her first EV purchase and happy to hit up gas stations with prices reaching $5 a gallon. Her comments were not well received by Republicans.

“As someone who just bought my first electric vehicle, I’m driving for the bomb,” Stabenow said at the Mackinac Policy Conference. “And I won’t tell you the move I’m making when I walk by.”

Related: Gas prices in Michigan jumped 35 cents in the last month

Gas prices are rising again. Michigan’s median price of $4.36 was above the national average of $3.89 on Oct. 7, according to AAA.

Fires in Ohio and Hurricane Ian in Florida pushed prices up. Experts expect gasoline prices to continue rising in the short term.

“If demand remains strong as supply tightens, drivers should prepare for pump prices rising later in the week,” AAA spokeswoman Adrienne Woodland said in a pricing news release. of gasoline in Michigan.

High gas prices tend to draw more attention to electric vehicles. Ford, General Motors and Tesla posted record sales of electric and hybrid vehicles in the third quarter.

However, high cost remains the most difficult obstacle to widespread electric vehicle adoption. Anderson Economic Group tracks gas price data for entry-level vehicles, but there aren’t enough electric vehicles in the $30,000 or less range to make a fair price comparison.

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Consumers who drive more expensive electric vehicles are seeing the best cost advantages when it comes to refueling.

Compared to premium gas prices, drivers of luxury electric vehicles get by charging both at home and in public. That’s because premium gasoline prices rose about $1 per 100 miles in the third quarter compared to an increase of 53 cents or less to charge an electric vehicle.

At the pump, the average luxury internal combustion engine car costs drivers $23.69 per 100 miles, while drivers of luxury electric vehicles can charge at home for $12.49 or at public chargers for $15.98.

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