Kevin O’Leary, Canada’s self-described Mr. Wonderful, wants to build a multi-billion refinery in the Lower 48 to combat what he calls the US’s energy insecurity..The Shark Tank and Dragon’s Den star appeared on Fox News to tout the $14 billion proposal which he says would lower gasoline prices even as OPEC members continue to cut production..Calling it a “top election priority” ‘Mr. Maple’ told the Big Money show the US hasn’t built a new refinery in decades “isn’t politics, it’s policy.”.“We haven't built a refinery in America in decades because we can't permit it,” he said in response to an audience query over US energy independence. “I’m at the point in my life where I want to do something big… and the task I've decided I'm going to take on is I'm going to build a refinery in America.”. US refining capacity .Leary indicated he has begun lining up financing and is looking for a state to host the facility. North Dakota — which is on the main export pipeline from Canada — has been touted as a possible candidate..The US has been consolidating and rationalizing its overall refining capacity which has hit multi-year lows. Numbers from the Energy Information Administration suggest the country has lost more than a million barrels per day (bpd) of processing capacity since the start of the pandemic. The last green filed refinery to be constructed in the Lower 48 was in Louisiana in 1977..Meanwhile, China and the Middle East are expected to bring on at least three million bpd by the end of the year. In March, Saudi Aramco announced plans to build a pair of refineries in northeast China capable of processing a combined 690,000 bpd in a bid to solidify its position as China’s top oil supplier. Under terms of the deal, Saudi would supply the facility with nearly a half million bpd under a long term contract..O’Leary said OPEC’s production cuts and pivot to countries like China show that it cannot be counted on to be a reliable supplier..”The Middle East, which 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,” he said..O’Leary’s net worth is estimated by WealthyGorilla.com to be about $400 million. He ran for the leadership of the Conservative Party of Canada in 2017 but withdrew because he said he couldn’t win in Quebec even though he hails from Montreal..He has long supported a pipeline from Alberta to Eastern Canada to make this country self-sufficient in oil..Among his more memorable quotes: “Money doesn’t care. Your tears don’t add value.”
Kevin O’Leary, Canada’s self-described Mr. Wonderful, wants to build a multi-billion refinery in the Lower 48 to combat what he calls the US’s energy insecurity..The Shark Tank and Dragon’s Den star appeared on Fox News to tout the $14 billion proposal which he says would lower gasoline prices even as OPEC members continue to cut production..Calling it a “top election priority” ‘Mr. Maple’ told the Big Money show the US hasn’t built a new refinery in decades “isn’t politics, it’s policy.”.“We haven't built a refinery in America in decades because we can't permit it,” he said in response to an audience query over US energy independence. “I’m at the point in my life where I want to do something big… and the task I've decided I'm going to take on is I'm going to build a refinery in America.”. US refining capacity .Leary indicated he has begun lining up financing and is looking for a state to host the facility. North Dakota — which is on the main export pipeline from Canada — has been touted as a possible candidate..The US has been consolidating and rationalizing its overall refining capacity which has hit multi-year lows. Numbers from the Energy Information Administration suggest the country has lost more than a million barrels per day (bpd) of processing capacity since the start of the pandemic. The last green filed refinery to be constructed in the Lower 48 was in Louisiana in 1977..Meanwhile, China and the Middle East are expected to bring on at least three million bpd by the end of the year. In March, Saudi Aramco announced plans to build a pair of refineries in northeast China capable of processing a combined 690,000 bpd in a bid to solidify its position as China’s top oil supplier. Under terms of the deal, Saudi would supply the facility with nearly a half million bpd under a long term contract..O’Leary said OPEC’s production cuts and pivot to countries like China show that it cannot be counted on to be a reliable supplier..”The Middle East, which 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,” he said..O’Leary’s net worth is estimated by WealthyGorilla.com to be about $400 million. He ran for the leadership of the Conservative Party of Canada in 2017 but withdrew because he said he couldn’t win in Quebec even though he hails from Montreal..He has long supported a pipeline from Alberta to Eastern Canada to make this country self-sufficient in oil..Among his more memorable quotes: “Money doesn’t care. Your tears don’t add value.”
