The complex situation in the global energy market was the reason why fierce opponents of increasing oil production changed their position. Tesla CEO Elon Musk reluctantly acknowledged that the US had to immediately increase oil and gas production. 

"Hate to say it, but we need to increase oil and gas production immediately. Extraordinary times demand extraordinary measures," the entrepreneur tweeted. “Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil and gas exports,” Elon Musk added.

Currently, Brent crude oil has pierced $120 a barrel for the first time since February 2013. Credit rating agency S&P raised its oil price forecast for the next three years due to global geopolitical tensions. Brent crude is expected to advance to $85 from $75 a barrel and WTI to $80 from $70 in 2022. In 2023, analysts predict that Brent will rise to $70 from $65 and WTI will increase to $65 from $60.

The TTF April natural gas futures in the EU exceeded $2,400 per 1,000 cubic meters. The price rose by nearly 30% on a daily basis. By the end of February, the EU countries have already used up all the volumes pumped into the underground gas storage facilities in summer. Currently, gas prices are rising amid concerns about supplies from Russia due to the current geopolitical situation.