Benzinga - by Shanthi Rexaline, Benzinga Editor.
Tesla, Inc. (NASDAQ:TSLA) investor Ross Gerber took to social media platform X, formerly Twitter, to crib about rising energy prices.
What Happened: Gas prices in Los Angeles saw a big jump this weekend, said Gerber, president and CEO at Gerber Kawasaki Wealth & Investment Management, in a post on Sunday. He noted that prices have risen from $5 a gallon a few months back to $6.50 a gallon.
“Paying $130 to fill up a tank,” the fund manager said.
Gerber’s comments come amid a sharp rise in the prices of energy products such as crude oil, gasoline, and natural gas. The recent spike is in response to supply concerns triggered by Saudi Arabia and Russia’s decision to extend production cuts.
The WTI grade of crude oil, aka light-sweet crude, is the main oil benchmark for North America, and it settled Friday’s session at $90.77, its highest level since Nov. 7. In the Asian session on Monday, oil has added to these gains.
Gas prices have also increased, with the nationwide average price of regular-grade gasoline currently at $3.876 a gallon, up from $3.682 a year ago, according to data from the American Automobile Association. State-wise statistics show that California has the highest prices at the state average of $5.658 a gallon.
Time To Transition To EVs: Gerber said Saudis are gouging ICE drivers, referring to the influence the Middle Eastern nation has on global oil prices. This gives “even more incentive to buy an EV,” the fund manager said.
Ironically, California is the first state to announce a ban on new gasoline car sales by 2035. The thrust on climate change has forced the mushrooming of electric vehicle startups and the legacy automakers’ move to phase away ICE vehicle manufacturing and transition to EVs.
The KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) ended Friday’s session down 0.54% at $29.36, according to Benzinga Pro data.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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