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Hormuz crisis speeds up transition to electric cars, IEA data shows
Matched: climate
Rising oil prices driven by the Hormuz crisis accelerated electric vehicle adoption between April and June, according to IEA data. As conflict involving Iran pushed fuel costs higher, more drivers opted for electric cars over internal combustion engine vehicles, suggesting geopolitical instability may be hastening the broader energy transition away from oil dependency.
Batteries are getting cheaper while gas gets pricier. Here’s why
Battery storage costs have fallen dramatically, making them increasingly competitive with gas for storing and supplying energy. As gas prices rise, batteries are becoming the preferred option for balancing electricity grids. Australia is investing heavily in battery infrastructure, with large-scale projects expanding rapidly. Analysts expect this trend to continue, further eroding the economic case for new gas infrastructure.