- Tesla Inc (NASDAQ: TSLA) CEO Elon Musk is calling on the U.S. to increase its oil and gas output in response to Russia’s invasion of Ukraine. These are the details.
Elon Musk – the CEO of electric car company Tesla Inc (NASDAQ: TSLA) – is calling on the U.S. to increase its oil and gas output in response to Russia’s invasion of Ukraine. Musk said that this would have a negative impact on Tesla.
“Hate to say it, but we need to increase oil & gas output immediately,” wrote Musk in a series of recent tweets. “Extraordinary times demand extraordinary measures… Obviously, this would 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
Musk is referring to the dependence on Russia’s oil pipelines. Despite this dependence, many countries working with Russia for oil and gas have placed sanctions against them.
The Biden administration has been facing increased pressure from both sides of the aisle for doing more to focus on energy production in the U.S. There are reports that the U.S. is buying 650,000 barrels per day from Russia.
When asked about whether President Biden’s policies are hindering the U.S. energy, Press Secretary Jen Psaki pointed out that the oil and gas industry is sitting on stockpiled leases and permits:
‘The oil and gas industry is literally sitting on stockpiled leases and permits’ — Press secretary Jen Psaki pushed back on claims from the American Petroleum Institute that the Biden admin’s policies are ‘hindering’ U.S. energy pic.twitter.com/SAP2duylfg
— NowThis Impact (@nowthisimpact) March 5, 2022
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