Big Take — "$100 to Fill Up Your Tank? Some Drivers Look Elsewhere"

Podcast: Big Take (Bloomberg and iHeartPodcasts)
Air Date: March 23, 2026
Host: Sarah Holder
Guests: Todd Woody, Akshat Rathi (Bloomberg Reporters)

Overview

This episode explores how surging gas and oil prices, triggered by ongoing conflict in the Middle East and geopolitical instability, are accelerating consumer and policy interest in alternatives such as electric vehicles (EVs), solar panels, and renewable energy. Host Sarah Holder, with reporters Todd Woody and Akshat Rathi, delve into how economic shocks shape both immediate consumer behavior and longer-term global energy transitions, highlighting shifting priorities from environmental concerns to economic imperatives.

Key Discussion Points & Insights

1. The Shock: Skyrocketing Gas Prices

• U.S. Fuel Shock: In San Francisco, the cheapest gas is $6.61 a gallon, totaling about $100 to fill up an average tank, signaling a nationwide upward trend nearing $4 a gallon due to the conflict involving the U.S., Israel, and Iran (01:52).
• Global Impact:
  • Europe: Prices up 30-100% depending on the country (02:33).
  • Asia: Economies like Pakistan, Bangladesh, Japan, South Korea, and China—reliant on LNG—are hardest hit (02:33).

"European gas prices have gone up 30, 60, even 100% depending on where it's being consumed...the worst hit, I will say, are Asian economies." — Akshat Rathi (02:33)

2. Political Uncertainty and Market Turbulence

• Mixed Signals: President Trump’s inconsistent statements about ongoing U.S.-Iran conflict cause volatile oil prices (03:04-03:44).
• Psychological Effect: Uncertainty and instability drive consumers to reconsider their energy dependencies (03:47).

"It's hard to really quantify what is the psychological effect of these wars ... regardless of whether they see really high gas prices at the moment. They think I really should get ready for the future..." — Todd Woody (03:47)

3. Renewed Interest in Electric Vehicles (EVs)

• Searches Spike: Immediately following the recent price shocks, searches and dealer inquiries for EVs and hybrids have surged, though it’s unclear if this has yet translated to actual sales (05:01).
• Asian Markets Lead: Uptake of EVs in Asian countries is higher and accelerating, with anecdotal evidence of doubled or tripled electric car sales (05:39).
• Historical Context: After Russia invaded Ukraine in 2022, U.S. EV sales spiked by 66%, assisted by substantial tax credits. Currently, a growing market exists for used, depreciated EVs ($30,000 for 2-3 years old) (06:28).
• Industry Dynamics: Despite rising consumer interest, slumping sales and expiring subsidies mean U.S. automakers are not swiftly ramping up EV investment; Asian automakers may seize market share (07:29, 08:12).

"It's quite possible to buy a used EV for like $30,000 that's two or three years old. I think that's probably going to drive sales as well." — Todd Woody (06:28)

4. Adjusting Home Energy Use: Solar and Heat Pumps

• Interest Rising: There's a 30% increase in heat pump and rooftop solar interest in places like the UK and Germany, but insufficient installation capacity and lack of consumer knowledge remain barriers (09:15).
• The Cascade Effect: Often, EV adoption precedes home solar installation as consumers notice rising electric bills—suggesting a chain reaction among clean energy purchases if high prices persist (10:28).

“If people start to buy more EVs, what tends to happen is they charge at home, discover the electricity bill has gone up 30%. That's when they get solar.” — Todd Woody (10:28)

5. Government Policy: Crisis Response and Long-Term Shifts

• Divergent Strategies:
  • Fuel Importers: Countries dependent on imported fossil fuels urgently seek alternatives.
  • India/China: Coal use rises where coal is available.
• A Historical Learning Curve:
  • After Ukraine, Europe paid more for non-Russian gas, encouraged industry and households to use less, and accelerated renewables deployment—a 40% spike in solar in 2023 (14:57).
  • Similar spikes in solar (and then batteries) occurred in Pakistan (15:56).
• Sustainability of Shifts:
  • Post-crisis, renewable adoption often plateaus, or creates new grid management issues (e.g., Pakistan’s utilities losing revenue due to behind-the-meter solar) (16:23).

"This is the first type of energy crisis where there's this third option of going to clean energy. And Europe really did manage to pull off an accelerated deployment of renewables in that time." — Akshat Rathi (14:57)

6. U.S. Energy Policy: Short-Term Fixes

• Lifting Sanctions and Tapping Reserves: The Trump administration temporarily lifts sanctions on Russian oil, taps the Strategic Petroleum Reserve—these are short-term efforts to contain prices, not structural changes (17:44).

"Those are all short term fixes that will run out eventually." — Akshat Rathi (18:56)

7. Economics Over Environment

• New Drivers: The conversation has shifted. Economics, not environmental concerns, now lead adoption of clean technologies (19:13).
• Products are Affordable: Solar, wind, batteries, and EVs are often the economic choice, reducing the need for subsidies or climate-based arguments.

"We are seeing an adoption at a level that is driven by economics first and climate second, that we hadn't seen in the past." — Akshat Rathi (19:13)

Memorable Quotes

| Time | Speaker | Quote | |--------|--------------|------------------------------------------------------------------------------------------| | 02:33 | Akshat Rathi | “European gas prices have gone up 30, 60, even 100%...the worst hit are Asian economies.”| | 03:47 | Todd Woody | "It's hard to really quantify...what is the psychological effect of these wars..." | | 06:28 | Todd Woody | "It's quite possible to buy a used EV for like $30,000 that's two or three years old..." | | 10:28 | Todd Woody | "If people start to buy more EVs, what tends to happen is... that's when they get solar."| | 14:57 | Akshat Rathi | "Europe really did manage to pull off an accelerated deployment of renewables in that time."| | 17:44 | Akshat Rathi | "Those are all short term fixes that will run out eventually." | | 19:13 | Akshat Rathi | "We are seeing an adoption at a level that is driven by economics first and climate second..."|

Notable Segments (Timestamps)

• Gas price sticker shock: 01:52–02:33
• Global supply shocks: 02:33–03:04
• Political signals and oil price swings: 03:04–03:47
• Psychology of instability: 03:47–04:14
• EV interest spikes: 05:01–06:13
• History: Gas prices, EV sales, and government incentives: 06:13–06:59
• Industry response and global differences: 07:10–09:00
• Adapting home energy systems: 09:00–10:28
• The solar and EV adoption cycle: 10:28–11:18
• Government policy, Europe’s response: 13:33–15:56
• Sustainability and challenges in energy transition: 16:14–17:16
• Short-term U.S. fixes and global supply: 17:16–18:56
• Economics shifting the clean energy narrative: 19:13–19:58

Conclusion

The podcast underscores how the latest oil price crisis, driven by geopolitical conflict, is prompting consumers and governments to seek out alternatives—but with a notable change in rationale. Where environmental arguments once dominated, now it is the cost and stability of supply driving adoption of renewables and electrification. The panel highlights that while consumer interest is bumping up against industry and policy inertia, longer-term structural change will hinge on how sustained these price shocks remain—and how effectively policy, infrastructure, and public education can keep up.