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Former investment banker discusses how the presidential hopeful plans to make America an energy super power.
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Of the computer business let's get -- the election.
Today Mitt Romney will outline his plan for the future of America's energy policy he will unveil a comprehensive plan -- -- one -- -- a long time.
The -- will highlight three main points want approve the Keystone Pipeline to more offshore drilling more -- generally.
And three ease federal regulations on natural gas and coal mining.
Romney says that if he's elected becomes the president the US quote will become and that energy superpower.
Cal Roth former investment bankers here on how what.
Would you summarize.
Their response of American business to a plan like -- I know is he's not the president but -- -- that's his plan -- businesses responds well.
Everybody wants to be energy independent but you're gonna -- is very shocking.
Businesses do what's in their best and -- so there's a whole slew of businesses that are going to be very very happy about this.
The ones that -- drilling and mining machinery.
The ones that depend on logistics and yes very very happy.
The one that may not be as happy are the ones were involved in tourism in places like Virginia the Carolinas and Florida where there may be some of this offshore drilling they -- see it as a detriment to tourism.
I also things get -- didn't.
-- -- detriment -- 102 tourism on around the Gulf Coast and is planning -- drilling in the gulf while there was before the.
This is -- -- their rhetoric coming out of the business community maybe it's just a bit of posturing I also thank.
That some of these folks were involved in green energy and renewable energy feel a little bit slighted by this plan because it's not a lot of focus on renewable energy it's a little bit more old school so I think that you're gonna have some -- some have not but overall I think the business community is going to be happy -- them like this overall lack of death -- four dollar a gallon diesel.
Now fabulous fabulous news for average -- that was the -- I'm just.
Funeral homes -- think that that it now that's the national average four dollars and he's going up just a little bit but four dollars that's a milestone.
Is that a negative for the economy.
Well of course it's a negative for the economy because any -- you have.
Major cost of doing business is going up it means that those companies are gonna have less money to reinvest.
Or they're gonna have to pass it onto the consumer.
Or perhaps a little bit of -- highlights look for the silver lining or maybe the shale lining in in this particular situation.
I think that companies that -- are involved in making things -- revolving around natural gas could have a -- here so if you look at a company like three -- Chesapeake -- said they're gonna focus on making gas tanks that support natural energy for trucks and cars.
They may actually get a -- out of a situation like that so let's focus on the positives in the senate just the bad and that's interest.
Yeah because I mean is that as oil goes up diesel goes -- I mean a natural gas as a propellant for cars and trucks yes that becomes a commitment becomes more -- -- economically realistic yet and I'm hearing in the transportation industry that they're actually of valuing things some purchases that they can't find one or two year paid back.
On these trucks or automobiles.
They may start looking into those and to hybrids as well -- -- and I want you general opinion again.
-- want your opinion on Romney has president.
With a Republican senate I know that's wishful thinking on the part of many many thankful.
What would be the effect do you think of that political combination when he -- I think it would be such a help for the economy because we talked about before the sentiment of consumer confidence and uncertainty.
And that becomes a self fulfilling prophecy so I think any movement towards changed is going to be very very good for the economy but he did you think.
That even with a Republican senate eight president Romney.
Could get the privatization of Social Security reform of Medicare do something with Obama can do something with -- frank and get -- -- -- And growth that I think I -- well we'll look for this is not a job that I would want to undertake it's it's it's a pretty massive undertaking.
But I do think that there's hope at least to move and that right direction we're certainly not gonna see all of that get done right away but I think we're gonna see movement and that's gonna inspire confidence that -- inspire growth.
And we see when we see these good things happening -- give congress that the the feeling that we should take more -- -- I think it's one good thing becomes this is dominoes falling but in good.
Yeah in Chicago luncheon sometimes I'm here -- and -- that is Chicago ability.
-- that that he some addition the suburbs of Chicago have toned.
-- switched from supporting President Obama in 08 spend more to support for Romney now is that accurate.
That is accurate and you remember in the Chicago land area we have a very popular senator Mark Kirk.
Who is Republican.
So the outlying suburbs do tend to lean a little bit more Republican than traditional Cook County.
And I think a lot of people who supported Obama last time and said you know hoping changes is great did not get the change that they hoped for and are frustrated with the situation warrants -- that's.
Cal Ross always a pleasure to welcome the new you'll good to -- you this ago.
Thank you very much.
