Regular gas rose 28.8 percent on year. Diesel rose nearly 57 percent, per AAA. Math is painful. That four dollar gallon now feels like a tax per mile. The question for GM is simple: will this pain at the gas pump ultimately drive consumers, even those skeptical of electric vehicles, to its electric showrooms?
Mary Barra, CEO of GM, tells the story Good morning America last year that “there will be more interest [in EVs] when people look at fuel prices.” We’ll find out if he’s right. A jump in the national average of one dollar in one month changes the calculus for any household commuting. The head said plug it in. The heart may still crave the rumble of a V8, but the wallet demands lightness.
However, electric vehicles are still not suitable for everyone. Public charging infrastructure remains a worry for many people, especially if you don’t have your own garage where you can plug in overnight. But now is a good time to see what GM has to offer. Dealers are waiting for inventory and cutting prices. GM is offering customers $5,000 cash back on the 2026 Chevy Equinox EV crossover, and some dealers are slashing prices by more than $10,000 on select trims. Even the humble 2027 Chevy Bolt, an affordable warrior that recently returned to the lineup, retails for under $30,000, making this switch less of a leap and more of a logical step.
Leasing also offers a low-risk way to dive into the world of electricity without a long-term commitment. The huge incentives flooding the market today mean the monthly cost of an electric vehicle can reduce the fuel and maintenance of gas-guzzling vehicles.
So we put the question to you, our readers. Will GM benefit from these high fuel prices? Or will the lack of chargers and lingering skepticism prevent automakers from seizing the moment? Let us know in the comments.
