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Media
Published April 11, 2023 1:40pm EDT


‘SHARK TANK' STAR KEVIN O'LEARY PLANS TO BUILD NEW US OIL REFINERY TO ‘DO THE
RIGHT THING FOR AMERICA’


KEVIN O’LEARY SAYS IT WILL COST ABOUT $14 BILLION AND WANTS TO FIND A STATE TO
WORK WITH

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By Kristen Altus FOXBusiness
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video


KEVIN O'LEARY PLANNING TO BUILD BRAND-NEW US OIL REFINERY

O'Leary Ventures Chairman and 'Shark Tank' star Kevin O'Leary announces on 'The
Big Money Show' that he plans to invest in a new U.S. oil refinery.

O'Leary Ventures Chairman and "Shark Tank" star Kevin O'Leary announced plans to
build a new oil refinery in America in an effort to reignite the nation's energy
independence during "The Big Money Show's" playbook panel on Tuesday.




"I'm at that stage in my life where I want to do something big. And the task
that I've decided I'm going to take on is, I'm going to build a refinery in
America. I'm going to do it," O'Leary said.

"It's going to cost about $14 billion," he continued to detail. "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."

Responding to an audience member's question about what can be done to increase
oil supply and lower gas prices, O'Leary noted that energy independence is a
"top-three election issue," and that it comes down to policy over politics.



‘SHARK TANK’ STAR KEVIN O'LEARY DESTROYS ‘REALLY BAD POLICY’ IN DEMOCRAT-RUN
STATES



"The Middle East, that produces most of the world's oil, has already told every
economy, including ours: do not depend on us in perpetuity for your energy; if
you can find your way to energy independence, you do it and in fact, we'll
invest in it for you because we have to supply energy to the entire world,"
O'Leary explained. "Unfortunately, no matter how much you think we're getting
off hydrocarbons, it's not going to happen for 50 years."

O'Leary Ventures Chairman Kevin O'Leary announced plans to enter the oil
industry with a brand-new refinery on "The Big Money Show" Tuesday. (Fox News)

The investor and entrepreneur added the urgent shift to renewable energy options
is "not going to work," pointing out how a wind-powered aircraft wouldn't be
able to fly passengers across the ocean.



"At the end of the day, we can make our own energy here very clean. We haven't
built a refinery in America in decades because we can't permit it," the "Shark
Tank" star said.



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video


KEVIN O'LEARY: INVEST IN THE S&P 500 AND 'WATCH MAGIC HAPPEN'

O'Leary Ventures Chairman Kevin O'Leary touts the power of the American economy
on 'The Big Money Show.'

O'Leary, who's also known as "Mr. Wonderful," and his firm have been investing
in America since the beginning of this year, managing nearly $45 million of
North Dakota state funds to fuel business innovations in the state. He's also
been outspoken about Democrat-led policies stunting economic growth.



"I think everybody should ask this of themselves. I live here in Florida, we're
a pro-business state. I don't do business in California, New York, Massachusetts
or New Jersey," O’Leary said during a previous "Varney & Co." appearance.
"They're no-go states because of bad policy, high taxes, just places you don't
want to invest your money... California is not even open for business, in my
opinion, so I would never put money there."

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Personal Finance
 * Mortgages
 * Student Loans
 * Credit Cards
 * Personal Loans
 * Savings
 * Insurance
 * 401k
 * Retirement
 * Tax Planning

Economy
 * Government Spending
 * Money & Policy
 * Small Business
 * Inflation

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 * US Markets
 * Cryptocurrency
 * Futures & Commodities
 * Bonds
 * ETFs
 * Business Leaders
 * Industries
 * Retail
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Watchlist
Lifestyle
 * Entertainment
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 * Travel
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 * Airplanes
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Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

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©2023 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy