High Oil Prices Could Fuel EV Adoption

As oil prices continue to rise and global demand is bouncing back to pre-pandemic levels, people could be buying into electric vehicles (EV) as an alternative to expensive fuel costs.  The International Energy Agency (IEA) says that rising oil prices are expected to encourage people to shift away from traditional vehicles and increase the uptake of EVs. However, this could be detrimental to the recovery of the global economy. With oil prices hitting $77 a barrel this July, due to higher demand and OPEC+ production cuts aimed at raising the…