Rising gas prices are driving fresh interest in EVs — but affordability is a major barrier

ConsumerRising gas prices have sparked fresh interest in EVs — but affordability is a major barrierThe cost of fuel is putting a fresh focus on electric vehicles. But U.S. prices and China’s lead abroad complicate the math for consumers and automakers.Listen to this article with a free account00:0000:00An electric vehicle charges at an EVgo electric charger on March 30, in Monrovia, Calif. As gas prices surge amid the war in Iran, online automotive resource Edmunds reported a 22% increase in searches for electric vehicles during the week of March 2, as motorists look for ways to avoid high fuel costs.Justin Sullivan / Getty ImagesShareAdd NBC News to GoogleApril 7, 2026, 5:00 AM EDTBy Allie CanalThe surge in gas prices since the start of the Iran war is causing more Americans to rethink what they drive. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.Early data from car shopping site Edmunds shows a growing share of consumers researching electric vehicles, hybrids and other fuel-efficient options in recent weeks. It's the latest sign that rising costs at the pump are beginning to shift attention to more energy-efficient alternatives.On paper, the math is compelling.Morgan Stanley estimates that with gas at around $4 per gallon on average, it’s roughly 60% cheaper to power an electric vehicle than a traditional gas-powered car. But the firm also predicts it would take about six months for elevated gas prices to actually trigger increased demand for hybrids and EVs.For people already in the market for a car, though, this shift could come much faster.“They’re going to be more cost conscious about their fuel costs, and so that will drive people shopping now towards more fuel-efficient vehicles and EVs," said Elaine Buckberg, a senior fellow at Harvard’s Salata Institute for Climate and Sustainability and a former chief economist at General Motors. Electric vehicles charge as the price of fuel is displayed at a gas stat...