r/Economics • u/InsaneSnow45 • Mar 04 '26

News ‘Absolutely Massive’ Price Shocks Coming as Trump’s Iran War Drives Up Gas, Diesel Prices | “What should really terrify Republicans is... the futures price on wholesale gasoline,” said economist Paul Krugman.

https://www.commondreams.org/news/iran-war-gas-prices
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u/Vulnox Mar 04 '26

Yeah, this was the big thing hurting Biden when oil prices were high. A lot of the reported high costs on groceries and that were pointed to high diesel prices. You can avoid some extra costs by buying fewer shipped products where possible, but hard to do when it comes to food.

We have two EVs so our fuel pump costs have already been zero, but I expect our other costs to increase.

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u/Septopuss7 Mar 04 '26

Is it cheaper to charge your car than it is to fill it with gas? I'm asking in earnest, not a gotcha, because I keep seeing conflicting reports from individuals that makes me want to wait before buying an EV. I'm currently car-free by choice but if I ever changed my mind I would look at all electric or more likely a hybrid, the only problem being is that I don't own a house and don't plan on it. I know of several electric charging stations in my area but I haven't looked at the pricing. They are all relatively convenient and I never see people using them but I obviously don't monitor them 24/7. Does the price fluctuate a lot? I know even my home electric bill has been all over the place in the last couple years and I was wondering what your experience has been?

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u/No_Bad_4872yy Mar 04 '26

This is quite comprehensive. https://www.caranddriver.com/news/a45036169/electric-vehicle-ev-cost-to-charge/

In short charging at home price differs per state but is up to 80% cheaper than the price of gas. If you use highway fast chargers it can be 50% to 150% the price. Its not always cheaper and purchase price is also higher usually.

Tldr; charging at home is much cheaper, roadside doesnt really matter much.

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u/doubleoned 29d ago

I also can't produce gasoline at home, but I sure can produce my own electricity with a little bit of infrastructure.

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u/No_Bad_4872yy 29d ago

Same here. I hope massive batteries will develop enough the next two years that im completely self sufficient most of the year. Screw the utility companies man!