Russia Ukraine conflict

Musk says Russia-Ukraine war means more oil production needed now

Published: Updated:
Enable Read mode
100% Font Size

Elon Musk says more fossil fuel production is needed now, even if it’s bad for his electric car company, Tesla Inc.

For the latest headlines, follow our Google News channel online or via the app.

“Hate to say it, but we need to increase oil & gas output immediately,” the billionaire tweeted Saturday, as Russia’s invasion of Ukraine chokes off fuel supplies and drives up gas prices.

Musk signaled that the adoption of electric models and a wider shift to renewable energy couldn’t be accelerated fast enough to shield consumers from higher prices in the short-term.

“Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports,” said Musk.

His tweets come with the Biden administration now weighing a ban on US imports of Russian crude oil, after earlier rebuffing 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 record Friday, while commodities from crops and metals to gas have also surged on the impact of Russia’s invasion of Ukraine.

Read more:

Russians rush to shop amid fast-weakening rouble, fears for future

Russia to allow humanitarian corridors in Ukraine: Defense ministry

Russia blocks Facebook, accusing it of restricting access to Russian media

Top Content Trending