Elon Musk tweets that the war in Russia means more oil is now needed

Elon Musk says more fossil fuels are now needed, even if it’s bad for his electric car company Tesla.

“I hate to say it, but we must increase oil and gas production immediately,” the billionaire tweeted on Saturday, as Russia’s invasion of Ukraine is choking fuel supplies and pushing up gas prices.

Musk indicated that the adoption of electric models and a broader shift to renewable energy could not be accelerated fast enough to protect consumers from higher prices in the near term.

“Obviously this would have a negative effect on Tesla, but renewable energy solutions simply cannot respond immediately to make up for Russia’s oil and gas exports,” Musk said.

His tweets come with the Biden government now considering a ban on US imports of Russian crude oil after the idea was previously rejected, according to people familiar with the matter. US oil industry leaders are also asking for support to boost production.

Oil hit its biggest weekly gain on record Friday, while commodities, from crops and metals to gas, have also risen due to the impact of the Russian invasion of Ukraine.