• 15 hours OPEC+ Stuns Market With Larger Than Expected Output Hike
  • 2 days New Budget Proposal Cuts Clean Energy Funding, Expands Fossil Fuel Research
  • 2 days OPEC Moves Up Meeting To Discuss Oil Production Quotas
  • 2 days Imperial Oil Q1 Earnings Rise on Higher Refining Margins
  • 2 days Europe’s Natural Gas Prices Rise as China Hints at U.S. Trade Talks
  • 2 days Permian Basin Growth Fuels ExxonMobil’s Quarterly Success
  • 2 days Improved Refining Margins Help Chevron Meet Q1 Profit Estimates
  • 2 days Indian Refiner BPCL Looks to Source Cheaper U.S. LPG in Swap Deal
  • 2 days Shell Continues Share Buybacks After Strong Q1 Earnings
  • 2 days Trump Administration Challenges State Climate Laws in Court
  • 2 days Qatar and Japan Discuss Major LNG Supply Deal
  • 3 days Venezuela Desperate For China To Buy More Oil
  • 3 days OPEC Plot Twist? Bloomberg Survey Shows Production Drop in April
  • 3 days Congress Just Sideswiped California’s EV Crusade
  • 3 days IMF Slashes Growth Forecast for Middle East Exporters as Oil Prices Dip
  • 3 days UN Pushes Back Against Trump’s Deep Sea Minerals Mining Plans
  • 3 days Russia Slashes Energy Revenue Forecast by 24% as Oil Prices Dip
  • 3 days Strong European Demand Pushes U.S. LNG Exports Up by 20%
  • 3 days S&P Downgrades Woodside Outlook to Negative After Louisiana LNG Go-Ahead
  • 3 days Fusion Project Completes World’s Most Powerful Magnet System
  • 3 days Tony Blair Says Efforts to Phase Out Fossil Fuels Are “Doomed to Fail”
  • 3 days Lindsay Graham Pushes for More Russia Sanctions
  • 3 days U.S. and Ukraine Sign Minerals Deal
  • 4 days Is Saudi Arabia Preparing for Another Oil Price War?
  • 4 days Ukrainian Economy Minister En Route To DC to Sign Critical Minerals Deal
  • 4 days Repsol Affirms Buyback and Dividend Policy as Profit Beats Estimates
  • 4 days OMV Expects First Gas From Giant Black Sea Project in 2027
  • 4 days Equinor Considers Suing U.S. Over ‘Unlawful’ Halt of Offshore Wind Project
  • 4 days TotalEnergies Keeps Buybacks Despite Profit Drop on Weak Refining
  • 4 days Equinor Maintains Shareholder Distributions Despite Q1 Profit Miss
  • 4 days EU Has Slashed Natural Gas Imports by 18% Since 2021
  • 4 days Petrobras Reports Flat Oil Output for Q1
  • 4 days Oil Prices Are Set for Another Monthly Dip
  • 4 days Koch Industries Quits Oil Trade
  • 4 days Crude Oil Inventory Gain Outshone By Product Draws
  • 5 days Big Oil’s Profit Decline Signals a Broader Industry Shift
  • 5 days Oil’s Forward Curve Flashes a Rare, Wobbly Smile
  • 5 days Scotland’s Sole Oil Refinery Shuts Down for Good
  • 5 days Lower Oil Prices Drag China’s CNOOC Profit Down Despite Higher Output
  • 5 days India Boosts U.S. Oil Imports Ahead of Tariff Talks
Oil Markets Enter May on the Back Foot

Oil Markets Enter May on the Back Foot

Crude oil futures tumbled over…

U.S. Drivers Overwhelmingly Prefer Gasoline Cars to EVs

Americans continue to be fans of gasoline-powered vehicles and prefer them to electric vehicles (EVs) and hybrids, a new study by KPMG has shown.

Assuming all costs and features are the same, just 21% of consumers prefer an EV, the inaugural KPMG American Perspectives Survey found.

The survey assessed the views of 1,100 adults nationwide to understand their outlook on their personal financial situation and the U.S. economy and their attitudes to energy and automobiles, among other issues.  

Asked which type of vehicle they want to purchase, assuming costs and features are equal, 38% said standard gas-powered vehicle, 34% picked hybrid, and only 21% an EV. Standard gasoline vehicles are the top preference in the Midwest and Northeast, with 40% and 37% of people preferring them to other types of cars, respectively.

In addition, consumer expectations for EV charging times during road trips showed a major gap between U.S. consumers and the perception of auto industry executives about consumer preferences, the KPMG survey found.

A total of 60% of consumers want charging in 20 minutes or less compared to 41% which is what auto executives believe.

The survey found that fewer consumers are likely to pay for self-driving features and entertainment, compared to safety, Wi-Fi, and a charging locator.  

Many U.S. consumers resist buying electric vehicles because of politics—Republican voters are likely to have negative opinions about EVs and wouldn’t buy such a car even when they can afford it.

Most conservative respondents in a Morning Consult poll for The Wall Street Journal view electric cars unfavorably, with 41% saying their opinion is ‘very unfavorable’ and another 20% ‘somewhat unfavorable.’

Just 31% of people who identified themselves as conservative said they had a favorable view of EVs. This compares with 66% of respondents who identified themselves as liberals and have a favorable opinion of electric cars.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


ADVERTISEMENT


Leave a comment
  • Ian St. John on June 06 2024 said:
    Sounds a bit deceptive. The key is 'all costs the same' which would include purchase, maintenance and fuel. If the cost of ownership is the same, then the ONLY determinant would be availability of gas/charging and clearly we are not at parity. This says nothing about whether USA citizens would choose an EV if the fuel availabiltiy were the same.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News