Musk touts oil, no repeat of 2008 Housing Crisis

On Monday, electric vehicle pioneer Elon Musk warned that civilization could be in danger if the shift to lower-carbon energy sources is hastened, and he urged greater drilling and exploration

of fossil fuel resources in the immediate future. The CEO of Tesla recently told reporters at a conference in Stavanger, Norway, "Realistically, I think we need to use oil and gas in the medium run,

else civilization will fall." The transition to sustainable energy and a sustainable economy is one of the greatest challenges the world has ever faced, he continued. That,

I'm afraid, will take decades to accomplish. At the beginning of the year, when oil prices were at their highest, Musk tweeted, "We need to expand oil and gas supply urgently." 

"Exceptional times require extraordinary actions," Musk tweeted on March 4. This would hurt Tesla, but Russian oil and gas exports can't be replaced by renewable energy sources overnight. 

Musk is also a supporter of nuclear power and has spoken out against nations that intend to phase out nuclear power. On Monday, David Dworkin,CEO of the National Housing Conference,

emphasised that the current downturn is "nothing like the last housing catastrophe," saying that all the basic fundamentals are completely different."The rule of supply and demand is never repealed

"Dworkin said on "Cavuto: Coast to Coast," describing the current housing market. "Instead of having a demand-driven crisis, we've really got a supply-driven crisis that has increased home values

Markets in 2008, he said, "were fueled by toxic mortgages and people were getting interest rates on a teaser basis that they could not reasonably repay." American purchasers

flush with stimulus cash and eager for additional room during the pandemic, began flooding the suburbs for months, boosting the property market with record-low borrowing rates. 

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