Investor Ross Gerber of Gerber Kawasaki thinks that the war in Iran has presented the world with a chance to transition to alternative sources of energy and reduce dependence on oil.
Iran War Presents ‘Great Opportunity’
In a series of posts on the social media platform X on Sunday, Gerber said that the Strait of Hormuz would become “meaningless” if the world decided to “cut oil consumption by 10%” and replace it with alternative energy sources.
Gerber followed that up with another post, terming the situation in Iran as a “great opportunity” to remove the world’s dependency on oil. “We live in a world where there are alternative solutions for energy that are cheaper and better than oil,” he said, questioning why the world wasn’t “rapidly implementing solutions” to grow alternative energy.
Oil Prices
Crude oil prices surged as the West Texas Intermediate (WTI) crude grew 2.79% to $89.80/bbl at press time. Brent crude also grew 2.41$ to $93.32/bbl at the time of writing this article. Oil ETF United States Oil Fund (NYSE:USO) that tracks WTI crude, fell 0.16% to 128.88 during the after-hours trading session on Friday.
Elizabeth Warren Criticizes Trump Amid Iran War
Sen. Elizabeth Warren (D-Mass) slammed President Donald Trump for surging fuel costs in the U.S. The Senator shared that Americans were paying $800 million in excess costs at the pump every day amid the Iran war.
On the other hand, Sen. Catherine Cortez Masto (D-NV) outlined the profound effect of rising fuel costs on multiple industries in the U.S., like aviation and more, as the President’s “war of choice” in Iran continued to cause strain.
Meanwhile, Trump said in an interview that a deal with Iran was still further away. He also warned against rushing into agreements with Iran. Trump then pointed towards possible military action in the interview if Washington and Tehran failed to reach an agreement.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Shutterstock
Recent Comments