As we approach Labor Day, GasBuddy predicts that the average price of gasoline will sit at $3.27 per gallon, the lowest price at the holiday in three years.
As Ohioans gear up for Labor Day weekend travel, it’s a perfect time to explore how electric vehicles can be a smart choice for saving on fuel costs. With gas prices fluctuating, many drivers are turning to EVs not only for environmental benefits but also for significant financial savings.
Electric Vehicles vs Gas-Powered
Charging an electric vehicle in Ohio costs approximately $1.35 per gallon of gasoline equivalent according to Yale Climate Connections, a notable saving compared to the average gas prices in the state and nationwide.
As of August 27, the average price for a gallon of gas in the State of Ohio is $3.24, a 140% increase compared to EV charging costs
Additionally, EVs have an advantage in traffic. A gas-powered car wastes about a half gallon of gas per hour while idling, while the range of an EV remains relatively unaffected by stop-and-go conditions. According to the South Carolina Department of Health and Environmental Control in 2022, idling in a gas-powered car wastes more fuel in 30 seconds than it would by restarting the engine. This may also lead to engine wear and tear.
The Inflation Reduction Act (IRA) has made EVs both more affordable and accessible.
Ohioans can now benefit from tax credits of up to $7,500 for new electric vehicles and $4,000 for used ones. These incentives, combined with lower maintenance costs — EVs do not need oil changes or air-filter replacements — mean that electric vehicles can cost $330 less annually to maintain compared to gas-powered cars if maintenance is regularly kept up, reported by AAA.
Since the IRA’s passage in August 2022, substantial investments have been made to enhance EV charging infrastructure. The federal government has allocated $7.5 billion to expand charging networks, resulting in over 170,000 public charging ports across the country, with around 900 new chargers added each week. Private companies in the EV and battery supply chain exceed $155 billion, making EV ownership more practical and convenient.
Gas Trends
As we approach Labor Day, GasBuddy predicts that the average price of gasoline will sit at $3.27 per gallon, the lowest price at the holiday in three years.
Nearly a 50-cent decrease from last year, travelers can see an estimated $750 million in savings over the weekend.
Patrick De Haan, Head of Petroleum analysis at GasBuddy, notes, “It’s been a great summer for motorists to hit the road with gas prices generally lower than last year, but heading into Labor Day, the year-on-year gap has grown substantially thanks to few refinery outages or heatwaves impacting refineries this month.”
The stability in gas prices, along with a likely decrease to below $3 per gallon before Thanksgiving, presents a prime opportunity for travelers to save.
As gas stations transition to winter-blend gasoline on September 16, prices are expected to continue declining.
For travelers considering an EV, the holiday weekend might be the ideal moment to explore the savings and benefits that come from switching from a gas-powered car.
Reach Cade Higgins at 567-242-0351
