A new report found that in late 2022, a drop in fuel prices made gas-powered cars cheaper to drive than electric vehicles for the first time in 18 months.

According to the Anderson Economic Group, the average mid-priced gas-powered car cost around $11.29 to drive 100 miles compared to the average mid-priced electric car, which cost $11.60.

“The run-up in gas prices made EVs look like a bargain during much of 2021 and 2022,” AEG’s Patrick Anderson says. “With electric prices going up and gas prices declining, drivers of traditional … vehicles saved a little bit of money in the last quarter of 2022.”

The difference between the cost to charge an electric car versus fueling a gas car was more pronounced when adjusted for the cost of commercial charging as opposed to home charging.

Charging a car commercially cost over $3 more than fueling a gas car for the same 100 mile trip. Luxury electric vehicles, however, were still cheaper to fuel by $7.56 per 100 miles, compared to their gas-powered counterparts.

To calculate the total cost of operating the vehicles, Anderson looked at the cost of the underlying energy, be it gas, diesel, or electric; state excise taxes charged for road maintenance; the cost to operate a gas pump or electric charger; and the cost to drive to a fueling station.

According to the Department of Energy, 2022 marked a tipping point for electric cars, as sales of the vehicles exceeded 7 percent of all new car shares for the first time, tripling from around 2 percent of new car sales in 2010.

Although there are multiple drivers of this trend, high gas prices throughout much of the past three years as well as tax credits, expanded on by the Inflation Reduction Act, have been contributing factors.

Until 2032, those who buy an electric vehicle can now receive a $7,500 tax credit per new vehicle or up to $4,000 per used vehicle. Businesses can also receive up to a $7,5000 tax credit for a new light vehicle or up to $40,000 for electric vehicles over 14,000 pounds.