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WL Ross & Co. CEO Wilbur Ross on how Obama’s policies are affecting the energy sector and economy as a whole.
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Back everybody the White House is putting more energy and promoting its energy policy and putting a familiar face on big oil take a look at.
I'm Barack Obama and I approved this message.
Under President Obama domestic oil production is at an eight year high so why is big oil attacking him because he's fighting to end their tax breaks.
He's raising mileage standards and doubling renewable energy in all these types Mitt Romney stood with -- -- For their tax breaks attacking higher mileage standards and renewables.
So when you see this -- Remember who paid for and what they want.
Or write -- billionaire investor -- Ross saw that ad and declared a within minutes.
He was gonna be -- for the reelection of the president -- states do -- what the -- room room I don't know how did disingenuous.
It's a -- and a -- not -- accurate on the facts.
The fact is that oil that comes out of the ground is not immediately usable for gasoline anyway -- to be refined.
For reflection don't -- it's a -- attempted to reflection but.
Refining capacity in the United States has gone down.
Some -- announced they're closing a big refinery.
In Philadelphia.
Was one of the reasons -- And last few years -- spend a 1000000300.
Million.
Dollars on environmental.
Capital expenditures.
So -- -- -- refining capacity out of.
You know the intricacies of these markets and how they work -- -- to people to not and away from don't follow as closely so they're gonna say are all -- some -- -- blaming the president.
And they need is some probability on Romney's part because comes a -- -- never bad.
Those guys so many people suspicious -- him.
Well -- -- a little bit like them bashing the banks sold the time.
What makes you think that bashing people -- is the way to get them to be more productive I think that's the flaw.
In -- thinking but more importantly on the oil thing.
If if they were right that they've solved the problem but in.
They've simply increasing oil production which I think they had nothing to do with that helping -- Still -- -- these were extended permits from the bush years real.
Went down and I would the world together to riders public plan are two very different things we're gonna -- and president.
And but the other thing is you need refineries what they're doing is making us more and more vulnerable to imports.
-- -- we're gonna be vulnerable to imports of refined products.
That also means we're gonna be tied to Brent crude oil European crude oil not you -- Switch gears a little bit -- of what we had Charlie guess Rainier saying the corporate America's leery of not across the board but enough of them birds are leery of a second Obama term.
But Wall Street's performance today notwithstanding.
Has on terror of -- -- corporate earnings on a tear of late but again not everyone but enough to make me think that.
There argument might prove hollow when do you think.
Well.
I think there's a Romney victory would be far better for its securities markets then.
And an Obama victory I don't think anybody.
Would bullet and -- that -- Corporate America itself.
And of their earnings amid their -- now and I -- units and a lot of has instituted improve their balance sheets -- But what is the argument as you know this guy is so hostels a business business is coming back.
-- but of the earnings improving because of -- -- despite him I would argue despite him.
EPA has an added one penny of earnings to one company.
The consumer protection -- -- -- -- one -- 21 comes your big concern is what he does on shackles on a second term that's my real concern what are you could hear the agencies are already.
Unleashed to an extraordinary degree.
And there are clearly quite anti business and a lot of their outcomes you see the EPA -- recently.
Losing cases all over the place in court because -- reach too far.
And then on the health care thing.
You sold President Obama in this press conference more or less threatening the Supreme Court saying that -- -- know.
It would be unconstitutional.
For them to rule -- I think he had low and easily have been court's gonna go so he's playing only -- You know.
I don't I don't believe I have no idea how do go probably because -- -- president right now we'll we'll find out I'm -- thank you very good -- good decision.
