US petrol prices climb 30 per cent as Trump administration cuts EV incentives and charging funds
By Eve
Average US petrol prices rose to $3.98 per gallon on 24 March 2025, up from $2.95 a month earlier, a 30 per cent increase attributed to US and Israeli strikes on Iran and a resulting 20 per cent cut in global oil supply. California saw prices exceed $5.80 per gallon, while Washington and Hawaii also topped $5. The price surge coincides with the Trump administration's rollback of federal EV incentives, emissions standards and charging infrastructure funding, including the 2021 Bipartisan Infrastructure Law target of 500,000 public chargers.
Why it matters: Higher fuel costs typically accelerate fleet electrification and charging demand, yet simultaneous cuts to federal charging programmes and incentives create uncertainty for CPOs planning network expansion. The policy reversal may slow public charging rollout just as economic conditions favour EV adoption.