This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Only $1.14 per Gallon?

Since there is some fluctuation in electricity prices from state to state, the eGallon tool calculates costs in each state compared to the cost of gasoline. The DOE claims that "fueling your car with gasoline costs roughly three times more than fueling with electricity."

But not everyone is so certain about the economy of EVs. Marlo Lewis, a senior fellow at the Competitive Enterprise Institute (CEI), says the DOE information may be correct but is completely one-sided.

"They ignore the additional costs associated with electric vehicles impose - costs that overwhelm the obvious fuel savings for most consumers," Lewis asserted.

According to him the costs the eGallon ignores are:

  • (1) Higher vehicle purchase price
  • (2) Limited range
  • (3) The inconvenience of waiting hours to refuel.

He pointed out that the average price paid for a gasoline-powered 2013 Ford Focus ranges from $16,500 to $24,176. While the average price paid for a 2013 Ford Focus Electric is $39,020.

Regarding the range issue, Lewis said - in a May 30 blog he wrote about the subject - "Except for the Tesla Model S, with an EPA-estimated range of 265 miles, most battery-electric vehicles (BEVs) have EPA-estimated ranges of 62 to 99.8 miles -- although motorists may go farther under actual driving conditions, Edmunds.Com reports. These range limitations diminish the utility and, thus, value of BEVs for many consumers, and may induce 'range anxiety' -- fear of being stranded between where you are and where you have to go. The Tesla Model S has an impressive range but, with a manufacturer's recommended sale price of $69,900, most households cannot afford to buy one even with generous federal and state tax rebates."

"Limited range and dramatically longer refueling time diminishes the utility and, thus, the value of electric vehicles for many consumers," Lewis emphasized. "In short, you pay more and get less for your money at least in terms of range and convenience."

He noted that EV proponents often claim that "the barrier to consumer acceptance is a chicken-egg problem." They proffer that more people would buy them if there were a network of charging stations - and companies would build them if more people owned EVs.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs