The world is going through unprecedented energy change. Look no further than the European energy crisis, the U.S.-OPEC dispute, or surging fuel costs across the U.S. While most people blame geopolitical factors for rising prices at the pump, the reality is that global fuel markets are inherently volatile. No matter how far back you look, the world has been subject to unstable oil markets and their inconsistent logistics systems ever since we became dependent on fossil fuels.
That is all about to change. The transportation sector, the largest source of greenhouse gas emissions, is undergoing a profound paradigm shift toward electric vehicles. And these battery-electric vehicles have the capacity to alter the way we store and use energy. When there’s a sudden spike in demand for the grid, e.g. when everyone wants to turn on their AC during a heat wave or their heat during a deep freeze, that big battery or set battery packs offer an opportunity to keep the lights on. While these grid services are in their infancy, they offer huge potential in the future of energy storage. Beyond that, deploying more energy-efficient vehicles promotes a more fluid fuel economy and contributes to overall fleet diversification. Currently, there are numerous fuel sources used to produce electricity for the transportation industry, including wind, coal, and solar, to name a few. The availability of these technologies increases our nationwide and, ultimately worldwide, energy security.
With greater energy security comes a boost in economic activity, leading to a positive impact on GDP, higher employment rates, and, ultimately, leading to a more stable economy. At a micro level, greater energy security enables everyday consumers to access the energy they need, at prices that avoid volatility. Thus, a positive domino effect begins.
Imagine what gains could be made if more companies invested in enhancing energy security within their borders. This could mean reducing the debt crisis in China, revaluing the British Pound, and mitigating extreme losses from a looming U.S. recession. By driving the adoption of electric commercial vehicles, we can help liberate our energy markets and, in a very real way, help stabilize the U.S. and other global economies.
Simply put, adoption of electric vehicles represents an investment in a country’s renewable energy resources, and ultimately, its nationwide infrastructure. Investing in infrastructure is critical in building economic resilience, building wealth and prosperity, and improving overall quality of life.
At Xos, we’re proud to be doing our part by building and distributing electric commercial vehicles for fleets. This is an important first step to helping untether energy consumption from geopolitical conflict and economic instability, and rebuilding energy security within our country.
So when people complain about the pain at the pump, I just smile and say we are solving that problem, “one truck at a time.”
Find out what we’re working on at https://xostrucks.com/about/