The Strategist

Musk calls to pump up oil and gas production

03/07/2022 - 03:29

American entrepreneur Elon Musk has called for an immediate increase in oil and gas production, admitting that current volumes of green energy cannot replace Russian hydrocarbon exports.

Steve Jurvetson
Steve Jurvetson
"It's hard to say this, but we need to increase oil and gas production immediately. Emergency times call for emergency measures," he wrote on Twitter.

Prices of oil, gas and refined products, including petrol, are rising worldwide because of events in Ukraine.

Musk acknowledged that the production build-up would have a negative impact on his Tesla electric cars. "However, sustainable energy solutions simply cannot immediately offset Russian oil and gas exports," he added.

A ban on Russian oil purchases as part of sanctions for a special military operation in Ukraine is now being actively discussed in the US. The White House has so far opposed such a measure, arguing that it is fraught with further increases in energy prices.