EV drivers driving on the Uber Technologies Inc. (NYSE:UBER) and the Lyft Inc. (NASDAQ:LYFT) platforms have reported growth in their earnings after gas prices surged due to the U.S.-Iran war.
EV Drivers Benefit
In a report by Business Insider on Tuesday, an EV driver driving on both Uber and Lyft in North Carolina reported having a good number of trips over the weekend. The driver, who owns a Tesla Inc. (NASDAQ:TSLA) Model Y, charges it at home.
When asked about the surging prices, he said that he doesn't think about it as he hadn't "been in a gas station in forever" and that he loves being an EV owner. "I’m not happy that gas prices are going up, but I’m happy that it’s not affecting me," the owner said.
ICE Drivers Ration Trips
On the other hand, Internal Combustion Vehicle (ICE) drivers mentioned in the report expressed concern about the surging prices at the pumps, prioritizing profitable trips to hedge earnings, even if the trip requires driving to unsafe areas.
According to data published by the AAA on Tuesday, the national average price for regular unleaded gasoline was at $3.539 per gallon, while California hit $5.290 per gallon on Tuesday. Oil also neared $120/barrel as tensions escalated in the Middle East.
Another driver shared how, despite the increase in running costs due to gas prices, fares were still flat. The driver also said in the report that Uber and Lyft were "not paying us more" to make up for the difference, though all drivers in the report mention such a move could cushion the impact.
Sean Duffy Defends Gas Prices
Transportation Secretary Sean Duffy, meanwhile, has defended the President Donald Trump administration, sharing that the Energy Dominance initiative had resulted in gas prices that were below $3/gallon.
Duffy also said that the “power of Iran” and its “leverage” over a “fifth of the oil” going through the Strait of Hormuz, which is a crucial shipping route in the crude oil supply chain, must be questioned and that it was “appropriate” to address the leverage Iran has.
Volatile Prices
Oil prices have been extremely volatile ever since the conflict began, with the per-barrel cost recently coming down after U.S. Energy chief Chris Wright had posted on X saying that a ship was successfully escorted by the U.S. Navy through the Strait of Hormuz, before the post was deleted.
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This article EV Owners On Uber, Lyft Benefited From Rising Gas Prices As ICE Vehicle Drivers Ration Trips Amid US-Iran War: Report originally appeared on Benzinga.com
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