Elon Musk, the billionaire and Tesla CEO, is now in favor of increasing oil and gas production to make up for Russian LNG exports.
The billionaire has now joined those calling for more oil and gas. Earlier, however, the founding father of Tesla had an opposite point of view, giving preference to clean energy sources. “Hate to say it, but we need to increase oil and gas output immediately. Extraordinary times demand extraordinary measures,” Musk tweeted.
Prices climbed amid the shortage of crude oil, Bloomberg reported. The surge came after the ban on oil imports from Russia over its military presence in Ukraine. Eventually, oil prices skyrocketed to unprecedented levels. On March 3rd, Brent crude for delivery in May jumped to $118,13 per barrel, setting a record unseen since 2013.
Energy Aspects says about 70% of Russian crude trade is currently frozen amid banking sanctions, spiking freight rates, and wider political risks. According to preliminary estimates, Russian oil and gas exports cannot be offset quickly as energy decisions taken by Western leaders do not allow it.
