Kevin O’Leary blows up the electric car ‘fantasy’

Kevin O'Leary blows up the electric car 'fantasy'

‘Shark Tank’ star and O’Leary Ventures CEO Kevin O’Leary discusses his plans to capitalize on the U.S.’s oil needs by building a refinery equipped with new technology. #FoxNews

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President Biden's EPA unveiling the Toughest ever car emissions rules that Aim for 67 percent of all new cars to be Electric by 2032. it comes as a new poll Shows nearly half of Americans say They're not likely to buy an electric Vehicle as their next car Kevin O'Leary Chairman of O'Leary Ventures has plans To build a new oil refinery in America He joins us now we'll get to the other Refinery in a second but putting aside That people don't seem to want EVS Putting aside the fact that we have no Idea how the electric grid is going to Handle all this my big worry Kevin this Forced a man is going to drive up the Cost to the average American make it Impossible for the average American to Buy what is now their second most Expensive asset what say you Kevin The way I look at it is very simple in Five years from now will we need more Oil or less in my view in my opinion is Investor more in 10 years from now will The globe need more oil my answer is More now if you're going to use oil to Get energy Independence you have to have Some way of refining it we haven't built A new refinery in America in decades and The refinements you have are old Technology that aren't necessarily that Clean there's all kinds of new Technology that sequesters carbon makes The production of oil distill its diesel

Jet fuel Etc much more productive and Much cleaner and where you can find this Out is just go to China they just Commissioned a 14 billion dollar Refinery so they have a view that they Want energy Independence they have to Import oil but they have to refine it Now I don't know about the issue around Eliminating hydrocarbons from our Economy I think that's a fantasy I think It's an admirable but it's unrealistic And and I think what is a good Bipartisan issue is energy Independence And so you know I'm looking for Something to do And I think building a Refinery is a big Monumental task it won't be easy to do This but I know how to do it I mean it's going to cost what 14 Billion dollars that's that's what we do In our Pastime that's what Kevin O'Leary Does this past time I love it I do have To get to this though companies are now Outsourcing jobs to foreign countries Due to labor shortages so 10 to 20 Percent of U.S service support jobs Could move overseas in the next decade So Kevin what happens to America if These companies just keep Outsourcing These jobs The market being the market the fact is And you know if you go to New York City Which is a good place to use as an index About 40 percent of those office seats

That were being sat in pre-pandemic are Empty there's lots of ghost buildings Where you have empty floors that's just The reality of the market what happened Is most companies both Global and Domestic have figured out during that Three-year period that you can actually Outsource jobs and have people working Remotely and the people themselves Including in New York state they don't Want to come into the city so this is a Phenomenon that's happening all around The world it's not a big problem because A lot of the jobs that are created here Are being done at a lower cost and we Talked about de-globalization it's not True what's happening now and even in my Companies over 50 of them about 40 Percent of the seats are no longer in Headquarters but the great outcome of This and I've talked about this for Quite a while is the competition of States because now you don't have to set Up in places where taxes are high Regulations are unstable you can move Your jobs out of California out of Massachusetts out of New Jersey out of New York out of You know any state that you feel doesn't Make sense I'm sitting in Tennessee Right now we don't have any state tax Here my guess is that O'Leary's not Going to move his uh oil refinery to California New York uh maybe Texas we'll

See Kevin O'Leary thank you Fox and Friends begins right now have a good day I'm Steve Ducey I'm Brian Kilmeade and I'm Ainsley Earhart and click here to Subscribe to the Fox News YouTube page To catch our hottest interviews and most Compelling analysis

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