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Russian Oil Chief Poo-Poos Tesla & Electric Cars While Demand for Renewable Energy Continues to Rise



Maybe he is just echoing Trump’s attitude toward renewables, but Igor Sechin, the Russian oil advisor to Putin, and friend of Rex Tillerson (as well as once-CEO of Russia’s largest oil company) says that Tesla’s business model and capital spending aren’t based in reality, and that electric cars are “overrated.”

Sechin made these claims at the St. Petersburg International Economic Forum, on the heels of Tesla becoming the most valuable U.S. car maker, overtaking General Motors to become the first automaker not based in Detroit to be worth more than a rusted out Impala. (GM was recently listed with 3 cars as the worst 20 selling in America.)

Though Tesla is not yet making a profit, the Model X outgrew industry comps by an 8.79x factor recently, or a full 70.6 percentage point differential. Tesla’s Model S outperformed the large sedan category by 13.5 percentage points – showing there is a healthy demand in the U.S. for cars that don’t run on gas. The company also expects a 25% increase on volume quarter over quarter.

Sechin was also involved in talks to cut oil production (rig oil markets) just months ago, believes that we should continue to rely on his deals with Saudi Arabia, and may have a lot to do with Trump’s recent $110 billion weapons deal – the single largest arms deal in U.S. history.

Though Elon Musk, Tesla’s maker is not without a stain on his reputation, Sechin has been poo-pooing a shift away from oil for some time. As the telegraph wrote in 2015,

“Igor Sechin is an uncompromising figure. The head of Russian energy giant Rosneft and right-hand man of President Vladimir Putin launched an extraordinary attack on the entire global system for the supply, pricing and control of the world’s energy resources during the recent IP Week gathering in London.

According to Mr. Sechin, energy markets are being manipulated by a powerful alliance of forces, from Washington to Riyadh and Vienna, which present a long-term risk to the global economy.”

However, Sechin, and the usual players – the U.S., Saudi Arabia, and Russia, you can be sure, are manipulating markets. It is what happens in every market after all, as a Duetsche bank gold-rigging insider just confessed.

As the old swindlers keep up their shell game, demand for sustainable energy reaches ever higher marks.

Africa just saw its largest annual increase ever in sustainable energy markets. Clean energy investment increased to $286bn (£198bn), with solar energy accounting for 56% of the total and wind power for 38%.

Germany just broke a record – getting 85% of all its energy from solar, wind, or biomass and hydroelectric power.

According to IRENA, the International Renewable Energy Agency, with solar, and wind power alone,

“We are witnessing an energy transformation taking hold around the world, and this is reflected in another year of record breaking additions in new renewable energy capacity.”

But yes, let’s just keep polluting the planet while the oil barons bicker over territories and make new arms deals. That’s the ticket.

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