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Can the U.S. Be Energy Independent by 2035?

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    Gulf Oil CEO Joe Petrowski on how the U.S. can achieve energy independence.

  • Duration 5:51
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How many times have you heard that if we drill here drill now.

We can do real way dependence and no longer have to rely on Middle East for oil according media reports -- in the next eight years.

Nearly half of the crew we use we'll be produced right here on American soil -- 35.

Just over twenty years from now shipments of oil from the Middle East and North American could be quote.

Almost nonexistent.

Notes in a little like a fantasy me here to disagree with me -- -- the -- it's CEO of -- -- thank you so much for joining -- I appreciate it.

-- -- -- I thought that this study was really into -- single one of the things at -- that's me is -- say immediately at the top -- one of the reasons this is gonna work out is because of declining demand here in the US and I think declining demand.

Is only temporary trend that we've seen because the economy has slowed down so much.

Don't you think as someone who operates over to gas stations themselves so much gas but as soon as the economy rebounds people are gonna go back to -- Well declining demand is is not going to do cut.

Dependence on.

On energy -- the rule -- has been for every point of growth.

You get about a half a percent increase in energy usage.

That has been ameliorated somewhat in that -- -- today.

You can say that it's probably a quarter of of growth per point of lost a quarter of energy growth.

On -- point because we've become more efficient higher cafe standards.

Better insulation better machines and motors.

But but no demand is going to go up over the next forty years depending on the growth rate probably twenty to 30%.

We will do better will be more efficient -- and -- demand is not going away.

And it's also not going rate because by the year they say 2035 -- also gonna have fifty million more people using gasoline so I mean rate -- that's a lot more gas right.

It's a lot more BTU's.

-- are going to regret right now we're using about 480.

Quadrillion BTUs and a worldwide basis I expect that will grow.

Considerably over the next.

Twenty years but the real point -- -- we will be.

Effectively.

Independent of mideast oil if we do the right things policy was that I don't think it's 135.

I've set I think over -- mixture -- three years you'll see a major shift.

And and energy trade -- that are should be extremely beneficial from the United States.

And here's here's the issue Melissa we have right now about 36%.

All the world energy usage that is petroleum dependent and almost half of that oil is coming from areas that I think -- Are inherently in stable or are or basically.

Nations.

That I think we're rather not have a trade relationship -- your carrier Russia communities.

Because oil is fungible.

So just because we don't buy a barrel from the Middle East it doesn't mean that the price of -- barrel doesn't impact what we're paying here.

Because of that barrel in Iran falls off the edge of the Europe or isn't in the market.

The person they're just gonna grab the girl next to it's a chain reaction so there's more demand that our -- in the US as well just as we're not getting it from them doesn't mean that it's not impacting our supply demand right.

That is true.

But today about 20% of the world's.

Oil comes from inherently -- 20% of the world's energy comes from an inherently unstable region our war on reliable trade partners.

What I think we can achieve by continued to have domestic drilling by -- by having natural gas grow.

Overall noted that growth has been phenomenal natural gas.

Is we cut that down to about 10% if it's all about us importing mideast oil -- independent today we're not importing.

Almost any mideast oil into the United States most of our oil imports come from Canada Mexico and Venezuela.

-- but but if we -- did get it down by half.

Problem we will lot we will make.

Disruptions.

Yeah in an unstable parts of the world and inconsequential.

-- -- this was somewhere in the world.

Every year there is a drop.

Off on and right now -- not be everyone in the corn belt.

Because we have a diverse supply of food.

And a diverse supply of grains and oil seeds from many countries Canada Australia South America.

No wonder -- won't ever really disrupts our food supply we have to worry about spiking prices are available rate that's not the case of the energy market today.

I think if you can -- natural gas grow from.

Eighty BC FL -- Using more natural gas for transportation and you're making the point about fracking and how much more supply we have in the market now because we have embraced fracking.

Why are we using more of that for transportation.

It's taking time to get the infrastructure in place we've -- 34 of our 250.

Trucks to be natural gas vehicles as we replace -- vehicles when we intend to replace.

All of our fleet -- natural gas we're seeing another major shippers doing so.

Bob pilot truck stop is putting your natural gas and all their facilities.

Our clean energy which Boone Pickens company Israeli Chesapeake Stewart did so -- structural bet there will have local factors.

To reduce the LNG compressors are being built -- -- -- CNG stations.

We have a CNG.

-- gestation at Newark Airport so you'll see the infrastructure gets there and right now natural gas is a dollar and a half.

Are on -- diesel equivalent diesels 350 I don't need much incentive to -- people switch.

We gotta get on -- way thank you so much for joining us I really appreciate your insight from the front lines as you know exactly what's going on and I love it when commodity disagree with me and I hope you'll do it again.

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