By ALEXA ST. JOHN and TAMMY WEBBER Associated Press
Oil and gasoline prices are rising as the war in Iran intensifies and other global conflicts affect supply. That means pain at the pump for drivers filling up with gas. But electric vehicle drivers are largely unaffected by spikes in oil prices. Electricity prices — even as different grids have different power mixes — are more regulated. Experts say prolonged high gas prices may drive some EV interest and sales. Car-buying resource Edmunds says it has seen an uptick in people researching EVs and hybrids. But the experts also say just how far that will go is unclear. And in the U.S., significant incentives to buy EVs have gone away.
Worries about the war with Iran sent oil prices back to $100 per barrel and stocks sinking worldwide. The S&P 500 fell 1.5% Thursday and returned to big swings following a couple days of relative calm. The Dow Jones Industrial Average dropped 1.6%, and the Nasdaq composite sank 1.8%. The center of action was again the oil market, where the price of a barrel of Brent crude got as high as $101.59. Treasury yields climbed in the bond market on worries about higher inflation and fewer cuts to interest rates by the Federal Reserve.
A California watchdog is urging state lawmakers to make data centers cover their own power costs, so households do not pay more. The Little Hoover Commission warns that AI-driven growth could strain the grid and raise utility bills. The report says regulators need clearer data on where demand lands. It seeks confidential, facility-level reporting on electricity use. It also calls for a special rate class for extremely large power users. The plan includes prepaying for grid upgrades and helping cover wildfire safety costs. The report also flags backup diesel generators, carbon emissions, and water use by data centers as hampering California's climate goals.
