According to AAA, the national average price per gallon jumped to $4.87 on Monday setting a new all-time high and 25 cents (+5%) above from last week. The cost of a barrel of oil nearly doubled from August, as “increased oil demand outpaces the tight global supply,” AAA stated. The current national average for a gallon of gas is $4.86, $0.59 more than a month ago, and $1.81 more than a year ago.
“People are still fueling up, despite these high prices,” said Andrew Gross, AAA spokesperson. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”
U.S. largest weekly increases
Michigan (+45 cents), Illinois (+41 cents), Indiana (+41 cents), Wisconsin (+39 cents), Ohio (+38 cents), Nebraska (+37 cents), Kentucky (+36 cents), Colorado (+35 cents), Minnesota (+34 cents) and Texas (+32 cents).
U.S. most expensive markets
California ($6.34), Nevada ($5.49), Hawaii ($5.47), Oregon ($5.41), Washington ($5.40), Illinois ($5.40), Alaska ($5.37), Washington, D.C. ($5.06) and Michigan ($5.05).
According to a study released in May by Research and Markets, global electric vehicle market size is projected to reach 39, 208 thousand units by 2030. The growth from the current 8,151 thousand EV units represent a compound annual growth rate (CAGR) of 21.7%.
Electric passenger car is the largest segment in the EV market and is expected to witness significant growth during the forecast period. The availability of a wide range of models, upgraded technology, increasing customer awareness, and availability of subsidies and tax rebates are the major factors driving the market, the study says.
Among the different segments, Research and Markets says the segment of low-priced electric vehicles is expected to be the largest by 2030. The study concludes affordability as one of the most influential criteria to customers and the relevance of the Asia Pacific region in this segment.