As the war in the Middle East continues to escalate and oil prices surge amid uncertainty surrounding crude oil supply chains, investor Ross Gerber of Gerber Kawasaki, on Wednesday, urged people to switch to electric vehicles.
Thousands Of Dollars Saved
In a post on the social media platform X, Gerber touted EVs as a cost-effective solution to the ongoing gas price surge. “Just buy an EV and your cost of living will go down by thousands of dollars a year,” the investor said in the post. Gerber also shared that “driving a gas car” was up to “4-5 times more expensive” than driving an EV counterpart. “Lots of great EVs at a good prices online,” he said.
Prices Surge
According to the American Automobile Association (AAA), the current national average for a gallon of gasoline was $3.842 on Wednesday. Gas prices in states like California and Hawaii exceeded the $5 threshold, with a gallon of gas costing $5.561 in California and $5.024 in Hawaii.
The President Donald Trump administration has faced sharp criticism from lawmakers over rising fuel costs, with Sen. Elizabeth Warren (D-Mass) sharing that gas prices were up 27% in a month’s time. California Governor Gavin Newsom (D) also slammed the Trump administration for rising gas prices at the pump.
Oil prices, too, continued surging as Brent crude oil surpassed $108 a barrel following an Israeli strike on Iran’s South Pars natural gas processing complex. West Texas Intermediate (WTI) crude surged 2.3% to $98.15.
Iran War Escalates
Meanwhile, tensions continue to escalate in the Middle East as Israel announced the death of Iran’s secretary of the Supreme National Security Council, Ali Larijani, after a ballistic missile strike. Israel also announced that Iran’s Minister of Intelligence, Esmaeil Khatib, was also killed.
Iran has since targeted Qatar’s Ras Laffan refinery, which is the country’s main gas facility, in retaliatory strikes. Qatar’s government has said that the facility has sustained significant damage as a result of Iranian strikes.
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Photo courtesy: Natee Meepian via Shutterstock
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