Brent crude oil prices are set to move beyond $80 per barrel, as expected. The surge I predicted is still on, primarily due to struggling Venezuela production, Iran sanctions, struggling US oil production and infrastructure bottlenecks out of Permian, as well as rising global energy demand.
As a reminder, each $1 per gallon increase in gasoline prices increases the relative value of owning an all-electric vehicle by $5,000: $2,500 during the first five-year ownership period and $2,500 in residual value. Higher fuel prices could in effect offset impact from lower tax credits in 2019.