- Russian exports of oil and gas are plunging after Russia invaded Ukraine.
- Tesla CEO Elon Musk said the US needs to step up its oil and gas output.
- Musk said sustainable energy solutions can’t quickly offset Russia’s exports.
Tesla CEO Elon Musk said the US needs to increase its oil and gas output following Russia’s invasion of Ukraine.
“Hate to say it, but we need to increase oil & gas output immediately,” Musk said in a tweet on Friday. “Extraordinary times demand extraordinary measures.”
—Elon Musk (@elonmusk) March 5, 2022
In a follow-up tweet, Musk noted that while it would be bad for his electric car company, sustainable energy solutions aren’t immediately available quickly enough to offset limited Russian oil and gas exports.
“Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports,” Musk wrote.
Many countries, including the US, have imposed tough sanctions on Russia after it invaded Ukraine last week. While sanctions targeted banks, oligarchs, and other financial institutions, countries “refrained from sanctioning Russia’s pivotal energy sector,” Insider reported.
However, Russian oil and gas exports are still declining as international refiners and banks refuse to do business with the country.
In follow-up tweets, Musk expressed for the Ukrainian people and also sympathized with Russians, who he said “don’t want this.”
—Elon Musk (@elonmusk) March 5, 2022