A green gusher? Soaring Oil Prices Could Rev up Interest in EVs and Clean Energy

By Douglas McIntyre  •  October 8, 2024

Oil prices are rising fast due to the escalating conflict in the Middle East, with current costs approaching $80 per barrel and possibly reaching $90. Historically, higher oil prices, as seen after Russia invaded Ukraine, drive up gasoline and other fuel prices, leading more consumers and businesses to adopt electric vehicles (EVs) and clean energy sources such as wind and solar. Recent low oil prices have somewhat discouraged green power sources, but a sustained rise could accelerate the transition to renewable solutions.

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