Elon Musk tweets that Russia’s war means more oil is needed now
Elon Musk says more fossil fuels need to be produced now, even if it’s bad for the tram Company, Tesla.
“Hate to say it, but we need to increase oil and gas production immediately,” the billionaire tweeted Saturday, as Russia’s invasion of Ukraine depletes fuel supplies and increases prices. get a raise gas price.
Obviously, this will negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to offset Russia’s oil and gas exports.
– Elon Musk (@elonmusk)
March 5, 2022
Musk signaled that adoption of electric models and the broader transition to renewable energy could not accelerate fast enough to protect consumers from higher prices in the short term.
“Obviously, this will negatively affect Tesla, but sustainable energy solutions cannot react immediately to offset Russian oil and gas exports,” Musk said.
His tweets come with the Biden administration currently weighing a ban on US imports of Russian crude, after previously dismissing the idea, according to people familiar with the matter. Oil industry leaders in the US are also calling for support to boost production.
Oil capped its biggest weekly gain on Friday, while commodities ranging from crops to metals to gas also rose on the impact of Russia’s invasion of Ukraine.