Elon Musk Says Russia’s War Means More Oil Production Needed Now

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 U.S. imports of Russian crude oil, after earlier rebuffing the idea, according to people familiar with the matter. Oil industry leaders in the U.S. 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.