Turbulent Oil Prices Will Move Consumers to Electric-powered Cars

Zpryme predicts oil instability in Libya and the Middle East, contrasted with the less-volatile electricity prices and federal initiatives, may drive consumers towards electric and plug-in hybrid vehicles.

Published: 28-Jul-2011

Texas-based research company Zpryme released a new report today (pdf link) predicting that oil instability in Libya and the Middle East, contrasted with the less-volatile electricity prices and federal initiatives, may drive consumers towards electric and plug-in hybrid vehicles to replace their current vehicles over the coming years.

“Retail gasoline prices are up $1 per gallon since last year and 90 cents per gallon since January,” reads the report. “High gas prices are forcing consumers to make fuel economy a top priority for their next car purchase.

“Electricity prices, however, are more stable,” Zpryme continues. “Eliminating gasoline as a fuel source and switching to an all-electric vehicle will result in considerable and consistent savings.”

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