Your Tesla friends would have you believe these sky-rocketing gas prices will bring on the electric revolution. But pandemic supply chain woes, production crunches, congressional waffling, and even the sanctions on Russia might say otherwise: 📸: Getty
. Though imports of Russian nickel haven’t technically been prohibited by sanctions, the conflict has spiked the global price of the raw material. This may be because companies are worried about the reputational risk of dealing with Russian firms, says Eddie Fishman, a former State Department official who now teaches about sanctions at Columbia University. “It doesn't surprise me that there are knock-on effects,” he says.
Additionally, in the US, federal debates over whether to further subsidize the sales of electric vehicles—and how—has created industry-wide uncertainty. The Build Back Better bill, a companion to last year’s, could make it much easier for people to buy expensive, new EVs with tax credits of up to $12,500. But the bill is stuck in the Senate, and its future is a big question mark.
The EV crunch has landed at a terrible time, but even if the country had fleets of them rolling off assembly lines, a lot of people still wouldn't be ready to adopt, says Zeke Hausfather, director of climate and energy at the Breakthrough Institute, which advocates for climate action. Americans keep their cars for 15 or 20 years.
In an ideal world, we would have started the transition decades ago, because it takes time for the market to adjust. In the world we’re stuck with, the Biden administration isto be electric. That goal came too late to assuage the current confluence of crises, but at least it’d help get the market moving. “I think what all these prices are showing us is that the market can't reorient itself on a dime, the way that economists often assume it can in their models,” Paul says.
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