A study published in 2011 by the Belfer Center, Harvard University, found that the gasoline costs savings of PHEVs over the vehicles’ lifetimes do not offset their higher purchase prices. This finding was estimated comparing their lifetime net present value at 2010 purchase and operating costs for the U.S. market, and assuming no government subidies. According to the study estimates, a PHEV-40 is more expensive than a conventional internal combustion engine, while a battery electric vehicle (BEV) is more expensive. The study also examined how this balance will change over the next 10 to 20 years, assuming that battery costs will decrease while gasoline prices increase. Under the future scenarios considered, the study found that BEVs will be significantly less expensive than conventional cars ( to cheaper), while PHEVs, will be more expensive than BEVs in almost all comparison scenarios, and only less expensive than conventional cars in a scenario with very low battery costs and high gasoline prices. BEVs are simpler to build and do not use liquid fuel, while PHEVs have more complicated powertrains and still have gasoline-powered engines.