The world’s richest man and founder of electronic car company, Tesla, has called for increased western hydrocarbon investments in oil and gas to make up for reliance on Russian oil and gas exports.
Elon Musk disclosed this in a tweet on Saturday morning.
This comes as several sanctions imposed on Russia have also not been applied towards the sector.
Hate to say it, but we need to increase oil & gas output immediately.
Extraordinary times demand extraordinary measures.
— Elon Musk (@elonmusk) March 5, 2022
What Musk is saying
Musk tweeted, “Hate to say it, but we need to increase oil & gas output immediately. Extraordinary times demand extraordinary measures.”
He added that increased investments in oil and gas would obviously negatively affect Tesla, “but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports.”
Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports.
— Elon Musk (@elonmusk) March 5, 2022
Since Russia’s invasion of Ukraine, many countries have imposed severe sanctions on Russia. Even though the sanctions targeted banks, oligarchs, and other financial institutions, countries, it has barely affected Russia’s energy sector.
Minutes after the call to increase oil production, Musk tweeted again showing solidarity with the people of Ukraine.
“Hold strong Ukraine,” Musk tweeted. “And also my sympathies to the great people of Russia, who do not want this.”
In case you missed it
- Recall Nairametrics reported last week that following the invasion of Russian on February 24th of February, Elon Musk and Jeff Bezos lost a sum of $18.71 billion in a single day. The CEO of Tesla and founder of SpaceX, Elon Musk saw his net worth drop to $199 billion after losing $13.3 billion, which brings his total year-to-date loss to $71.7 billion, while Jeff Bezos, the second richest man in the world and CEO of Amazon recorded a $5.41 billion decline in his worth, bringing his net worth to $169 billion.
- Meanwhile, the International Monetary Fund (IMF) and the World Bank agreed to provide Ukraine with over $5 billion in response to the country’s request for emergency financing. The institutions stated that they are working together to support Ukraine on the financing and policy fronts and are urgently increasing that support to help mitigate the effects of the war.
