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Illustration: Lazaro Gamio/Axios

The long-term costs of owning an electric car in the U.S. are thousands of dollars lower than gasoline-powered models, a detailed new study by Energy Department researchers finds.

Why it matters: The peer-reviewed paper in Joule adds to the literature on costs by providing a granular, state-level look at power rates (including hourly variations), charging infrastructure types, regional gasoline price differences and other variables.

The bottom line: The paper finds "total projected fuel cost savings between $3,000 and $10,500 compared with gasoline vehicles" over a 15-year time horizon. But the savings could be even higher.

"Regional heterogeneities and uncertainty on lifetime vehicle use and future fuel prices produce even greater variations," notes the analysis from researchers with the National Renewable Energy Laboratory and Idaho National Laboratory.

My thought bubble: While lifetime fuel costs may influence some buyers, it's the vehicle price that looms larger.

So reaching cost-parity and finding affordable models will likely do more to spur adoption than evidence of lower fuel expenses on a long-term basis.

The big picture: It comes as EVs, which typically have higher up-front costs, remain a niche market in the U.S.

  • But new models are coming to market and a victory by Joe Biden, who has pledged to promote EVs via tougher emissions rules and building our charging infrastructure, could quicken adoption.
  • Advocates are also pushing for expansion of tax credits for buying EVs, which are now capped at 2o0,000 vehicles per manufacturer for the full $7,500 credit.

Go deeper

Dion Rabouin, author of Markets
Sep 30, 2020 - Economy & Business

Why the real estate boom could keep going for years

Illustration: Aïda Amer/Axios

Even after reaching all-time high average prices and sales numbers not seen since the height of the 2000s boom, the housing market still has lots of room to run, experts say.

What's happening: There were fears in late 2019 and early this year that price levels had outpaced income growth and become unsustainable — but record-low mortgage rates and promises by the Fed to keep U.S. interest rates at zero through at least 2023 have lit a new fire under the market.

In photos: Protests in U.S., across the world over Israeli–Palestinian conflict

A protest march in support of Palestinians near the Washington monument in Washington, D.C. on May 15. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Thousands of people rallied across the U.S. and the world Saturday following days of violence in Gaza and Israel that's killed at least 145 Palestinians, including 41 children, and eight Israelis, per AP.

The big picture: Most demonstrations were in support of Palestinians. There were tense scenes between pro-Israeli government protesters and pro-Palestinian demonstrators in Winnipeg, Canada, and Leipzig, Germany, but no arrests were made, CBS News and DW.com report.

Updated 9 hours ago - World

Biden in call with Netanyahu raises concerns about civilian casualties in Gaza

Photo: Ahmad Gharabli/Nicholas Kamm/Getty Images

President Biden spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices, according to Israeli officials.

The big picture: At least 140 Palestinians, including dozens of children, have been killed in Gaza since fighting between Israel and Hamas began Monday, according to Palestinian health officials. Nine people, including two children, have been killed by Hamas rockets in Israel.