Crack Spread Explodes, EV Sales Stabilize, And Here Comes The Mysterious Ford Fathom

Gas prices are climbing again, driven by wars in Iran and Ukraine that have disrupted oil supply and refining. Iran's closure of a key shipping route and Ukraine's strikes on Russian refineries have pushed up the cost of refined fuel products even though crude oil prices haven't risen as much. Economists call this gap between crude and refined-fuel prices the "crack spread," and it has widened sharply this year. For homeowners, the practical effect is the same: gas at the pump is getting more expensive and likely to stay that way for a while.

That's part of why electric vehicle sales, which crashed last year after Congress ended the $7,500 federal EV tax credit early, are starting to stabilize. Higher gas prices make owning a gas car more costly to compare against an EV's lower running costs, even without the tax credit.

Ford is moving ahead with a new electric pickup truck, nicknamed the Fathom, despite pulling back on other EV plans last year. The company says it will build the truck at its Louisville, Kentucky plant using a new manufacturing process it says will speed up assembly. Ford is targeting a starting price of $28,350, and plans to open pre-orders early next year, with production-level vehicles expected in the first quarter after that. If you're considering an EV, this truck may be worth watching once more details and images become available, alongside how sustained high gas prices affect the overall market.