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The Street
The Street
Riley Gutiérrez McDermid

$5 Gasoline: Musk, Investor Andreessen, Cathie Wood Weigh In

It's been a heady few days in the oil markets, where the price of a barrel of oil has leaped as high as $130 before settling back on Tuesday.

Why the sudden roller-coaster? 

Traders, and the markets that supply them, had been startled by both Russia's invasion of Ukraine and uncertain signs from President Joe Biden's administration about what it might do to calm the situation.

Calm them it did, midday Tuesday, with a statement the the U.S. has now banned all energy exports from Russia, a nation that provides only 3% of America's energy imports. 

That sent markets spiraling back down into reasonable territory, just a day after some gas stations had been selling fuel for up to $7 a gallon. Whether it will bring down the price of gas at the pump, however, remains to be seen.

Tom Williams/CQ Roll Call/Getty

As you can imagine, social media had a lot to say about this whiplash, including immediately sparking memes about taking out loans to pay for a full tank of gas, launching into partisan attacks that had no actual grip on reality, and then finally just blaming Stephen Colbert for driving a Tesla.

It was Twitter as usual, basically.

Here's what some of the most prominent voices had to say.

Elon Musk, of course, weighed in pretty much first, firing his characteristic salvos into international affairs.

After that came a torrent of actual drivers who found themselves pulling into gas stations and looking at the pumps in disbelief, particularly in states with higher fuel taxes like California.

Then, Sen. Marco Rubio (R-Florida) tweeted and hedge-fund honcho Bill Ackman retweeted:

That was followed by another top tech guy, the venture capitalist Marc Andreesen, weighing in on his solution to domestic energy issues. He followed the lines of "why doesn't America just make up the difference itself?"

Never wanting to be left out, presidential communications director (for a short while) Anthony Scaramucci added his two cents.

By far the most maligned and biggest celebrity casualty thus far has been comedian Stephen Colbert, who quickly drew headlines with his commentary that gas can rise as high as they like because he drives a Tesla. 

That split America right down the middle of its now well-worn political fault lines, leaving us with this slightly plaintive tweet about Cathie Wood and her Ark Fund, which prematurely admitted defeat of its bearish target of $12-a-barrel oil.

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