Trump says America is pumping more oil, but past gas spikes show why EVs stay relevant

Record oil output cannot shield drivers

U.S. oil output reached a record 13.6 million barrels per day in 2025, but high production has not protected drivers from fuel shocks. FRED showed the U.S. regular gasoline average at $4.305 on June 1, 2026, after prices had reached $4.50 in May. Bloomberg also reported cases of large-truck owners hitting $200 pump limits before their tanks were full.

The lesson is clear for car buyers. U.S. drilling helps supply, but gasoline prices still move with global oil markets, wars, inventories, refinery costs, and shipping risks.

Trump’s oil claim needed context

Trump has said the U.S. produces more oil than Russia and Saudi Arabia combined. Fact-checkers found that claim depends on what is being counted. The U.S. produces more petroleum and related liquids than those 2 countries combined, but it does not produce more crude oil than Russia and Saudi Arabia together.

EIA data show U.S. crude production reached a record 13.6 million barrels per day in 2025, making the U.S. the world’s top crude producer. For drivers, the point is simple. Record U.S. output does not mean America controls pump prices alone.

Hormuz risk pushed fuel prices higher

The Iran war sharply changed the oil market because the Strait of Hormuz is one of the world’s most important energy routes.

Reuters reported that traffic through the strait remained far below normal in early June 2026, even as some oil moved through hidden or hard-to-track routes. EIA also identified the Hormuz closure and related production outages as key drivers in its 2026 energy outlook.

Gasoline prices rose with that pressure, leaving gas-powered drivers exposed each time they filled up. EV owners were less exposed because electricity prices do not move in lockstep with crude oil prices.

More drilling cannot set pump prices

More U.S. drilling helps supply, but it does not let the country set gasoline prices on its own. EIA weekly data for the week ending May 29, 2026, showed U.S. crude production near 13.7 million barrels per day. Crude imports were about 6.4 million barrels per day, while exports reached 5.9 million barrels per day.

Reuters also reported that U.S. exports rose as buyers looked for options away from disrupted Middle East supply. That keeps U.S. drivers tied to global oil demand, refinery needs, inventories, and shipping risk.

EV consideration rose in April

J.D. Power data from April 2026 showed 26% of new-vehicle shoppers said they were very likely to consider an EV, up 3 percentage points from March. Those firmly opposed to EVs dropped to 18%.

Edmunds also tracked consumer activity the week of March 2 and found that hybrids, plug-in hybrids, and battery EVs reached 22.4% of all vehicle research on its site, up from 20.7% the prior week. Analysts also looked back at the 2022 gas spike and found that EV consideration rose quickly when drivers felt higher gasoline costs.

Used EVs arrive as gas bills bite

Eric Flickinger reached his breaking point this spring while filling up his Ram 1500 with diesel at $7.39 per gallon. When the pump stopped, it read exactly $200. He later bought a used Ford F-150 Lightning for $44,000 and used his Ram trade-in to avoid a new payment. The used-EV supply is also growing.

Cox Automotive expects about 300,000 EV leases to expire in 2026 and about 600,000 in 2027. Most leased vehicles eventually enter the used market, giving shoppers more electric choices at lower prices than many new EVs. Many used EVs may also retain some battery-warranty coverage, depending on age, mileage, and model.

Used EV prices are closing the gap

Used EV sales reached 42,924 units in March 2026, up 27.7% from a year earlier and 53.9% from February, according to Cox Automotive.

The average used EV listing price was $34,653, down 6.1% year over year. Manheim also said EV weighting reached a record 3.9% in its March used-vehicle data as dealers stocked more electric inventory while gas prices stayed above $4 per gallon. The price gap with gasoline cars has narrowed, making used EVs a more realistic choice for shoppers who want lower fuel costs.

Q1 EV sales fell after credits ended

U.S. EV sales weakened in the first quarter of 2026 after federal tax-credit support ended. Cox Automotive put total Q1 EV sales at roughly 216,000 units, down 27% from a year earlier.

Tesla remained the strongest brand, and the Model Y led the market with an estimated 78,591 sales. Some models still gained ground, including Toyota’s bZ and Lexus RZ. The quarter showed a weak new-EV market with a few strong winners and growing used-EV interest.

Toyota makes RAV4 hybrid-only

Toyota made a major fuel-efficiency bet by dropping the gas-only RAV4 for 2026. Every regular 2026 RAV4 now comes with a hybrid powertrain, while a plug-in hybrid version is also part of the lineup.

Car and Driver lists the base LE at $33,350, including destination, and says the most efficient front-wheel-drive versions are EPA-rated at 43 mpg combined. Toyota sold nearly 500,000 RAV4s in the U.S. in 2025, keeping it among America’s most important SUV nameplates. That shift shows how far hybrids have moved into the mainstream as gasoline costs stay painful.

New EV prices remain a hurdle

New EVs still cost more than many gas vehicles, but lower-priced models are narrowing the gap for some shoppers.

Edmunds reported that the average new EV transaction price in March 2026 was $56,170, compared with $45,092 for the rest of the industry. Chevrolet lists the 2026 Equinox EV with an EPA-estimated range of 319 miles and a starting price of $34,995.

Toyota’s updated bZ and Nissan’s Leaf also give shoppers lower-priced electric choices than luxury EVs. Price remains a hurdle, but entry points are improving.

The 2022 spike showed the pattern

The 2022 gas spike showed how quickly fuel costs can change car-shopping behavior. U.S. regular gasoline reached about $5 per gallon in June 2022 after Russia invaded Ukraine.

Edmunds later reported that consideration for electrified vehicles rose from 17.5% in February 2022 to 25.1% in March 2022. AAA also found that fuel savings were a major reason shoppers considered EVs.

The same pressure is visible again in 2026, but the market is different. Used EV supply is larger, prices have fallen, and more buyers can compare electric models with gas vehicles before choosing.

The U.S. trails the global EV boom

Global electric car sales exceeded 20 million in 2025, growing 20% from 2024. One in four new cars sold worldwide was electric, according to the IEA.

The agency projects global electric car sales will reach 23 million in 2026, or 28% of total car sales. Europe is expected to reach about 1 in 3 new cars, while China is projected to reach about 60% of total car sales.

The U.S. remains far below those shares. That makes America’s EV slowdown more important as gasoline prices stay high and global competitors keep moving faster.

Megawatt chargers could make EV stops feel more like gas fill-ups, bridging that gap by enabling faster charging, which could remove one of the biggest reasons Americans hesitate to switch.

EVs reduce exposure to oil shocks

The global fleet of electric cars displaced major oil demand in 2025, according to the IEA. That matters because gas-car owners remain directly exposed when war, hurricanes, shipping limits, or refinery problems lift fuel prices.

EV owners who charge at home are not fully free of energy costs, but they are less exposed to crude oil shocks than gasoline drivers. The U.S. EV market faces pressure from lost incentives, higher prices, and trade barriers, yet the basic case remains strong.

Record American oil production has not stopped gasoline spikes, and each spike reminds shoppers why EVs still matter.

Common misconceptions about electric vehicles help address that debate because many buyers still confuse EV costs, charging needs, and real-world savings.

Can past gas spikes still make EVs relevant when America is pumping more oil? Drop a comment.

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This slideshow was made with AI assistance and human editing.