Business mogul Kevin O’Leary wants to invest in a US refinery, says fossil fuels will stick around
April 13, 2023
Shark Tank personality and business mogul Kevin O’Leary revealed this week that he wants to invest in an oil refinery in the United States and predicted the country will not be making a full transition to clean energy anytime soon.
O’Leary appeared on Fox News’ “The Big Money Show” and discussed the future of clean energy in the US and what investments he might want to make. “Unfortunately, no matter how much you think we’re getting off hydrocarbons, it’s not going to happen for 50 years,” he mused. “You’re not going to have a wind aircraft take you across the ocean.”
The CEO and chair of O’Leary Ventures said he may even enter the fossil fuel game as a future investment by staking a claim in an existing refinery. He pointed out that he could not open his own refinery. “We haven’t built a refinery in America in decades because we can’t permit it,” he said, placing the blame on Congress’ lack of policy. He said he would prefer to open his own refinery.
“I’m at that stage in my life where I want to do something big,” O’Leary said. “I’m going to syndicate that debt and that equity. I’m going to find a state that wants to work with me. I’m going to get a permit and we’re going to do the right thing for America. We have to have more refineries.”
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: LUKE MOCHERMAN
PHOTO CREDIT: FOX BUSINESS