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Electric and hybrid cars Essay Topics & Paper Examples

Economic Impact of the national adoption of Electric and hybrid cars

The Unites States consumes 25 % of the oil produced in the world and roughly 70% of this is consumed by the demand for transportation. The demand for crude oil in US is primarily driven by the demand for transport fuels with the price elasticity ranging between -0. 12 and -0. 3, as calculated for short-run and long-run elasticity respectively for 2008. Faced with higher fuel prices and the associated environmental hazards, the consumers and the government’s focus is shifting towards development and adoption of technology for hybrid cars. The use of hybrid electric vehicles (HEVs) and Plug-in hybrid electric vehicles (PHEVs) would reduce the green house gas (GHG) emissions and improve the economics of electrical industry by reducing the…