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.

“The countries that invested in electric vehicles before this crisis are now better protected, and a growing number are following,” said Euan Graham, senior energy analyst at Ember.

“Every electric car on the road reduces exposure to volatile oil markets, and as fleets grow, so does the protection against future supply shocks. The benefits of the global shift to electric cars extend beyond cutting emissions, with implications for energy security, economic resilience and how countries position themselves in a world where dependence on imported oil carries immense risks.”

The analysis comes alongside Ember’s new EV sales tracker . It covers 56 countries that account for more than 90% of global electric car sales and more than 80% of all car sales, and estimates how much oil each country’s electric car fleet displaces.

Source link