Will higher oil prices spark a Tesla stock surge? sanctions are causing high oil prices, resulting in high gas costs at the pump
Brent Crude oil hit a 14-year high of $139 per barrel earlier this month, compared to benchmark averages of just $70 in 2021 and only $43 in 2016. Analysts from Goldman Sachs and JP Morgan expect the company’s oil barrels to increase to $135 and $185 respectively this year.
The 14-year price hike came just as U.S. President Joe Biden began targeting “the main artery of Russia’s economy” by imposing sanctions on the country’s oil operations, adding that the move is “not without cost at home.” This “cost” is largely passed down to consumers at the gas pump, which could spark an even quicker move to non-petrol vehicles than previously thought.
EV automaker Tesla could be uniquely positioned to benefit from the rise in prices, especially since the news comes on the heels of Tesla being given final approval to begin producing vehicles at its new Gigafactory Berlin-Brandenburg and Giga Texas locations. With the aid of the new factories, Tesla is also shooting to double its annual production output to nearly 2 million cars this year.
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