Batteries the New Oil? Elon Musk says Yes

Responding to a tweet Wednesday which said there is no security without energy independence, Tesla ’s (ticker: TSLA) CEO agreed, adding “and lithium batteries are the new oil.”

Batteries might be the future. For now, oil is still the new oil. The U.S. uses about 20 million barrels of oil used in the U.S. each day. (About 8 million barrels are imported.) And about two thirds of that oil ends up in gas tanks, according to the Energy Department.

His comment was in response to a statement Craft Ventures co-founder and partner David Sacks made on the micro-blogging platform, which said "If this year proves anything, it’s that there can be no security without energy independence,” likely in reference to the ongoing oil woes caused by Russia’s invasion of Ukraine.

Musk replied, “Absolutely,” before comparing the EV battery metal to oil using a saying regularly reserved for describing clothing trends.