Governors' Biofuels Coalition

EVs are giving oil-importing countries some breathing room during the Hormuz energy crisis. Between March and August, their EV fleets displaced an estimated $20 billion worth of crude oil, according to new analysis from energy think tank Ember. And while more countries are going electric, the US is losing ground. Fifteen countries, including India and Brazil, have overtaken it this year in the share of new vehicles sold that are fully electric.

Ember estimates that electric cars in oil-importing countries displaced 200 million barrels of crude oil between March and August. That’s oil those countries didn’t need to fuel their cars while supplies were disrupted. The $20 billion figure is Ember’s estimate of the value of that displaced oil. China accounted for most of that, avoiding an estimated $14 billion worth of crude oil consumption. EU countries saved another $3.1 billion, with Germany and France accounting for the largest shares.

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