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Says there are two technologies out there right now that could move the US closer to reaching energy independence.
But also -- the same time change the employment picture for the better.
There's a guy -- -- skin in the game so what are they and how are they being developed joining us now is Howard nobody is -- book president and CEO -- great to see you thank thank you.
Being here -- so.
We're all familiar with the the impact of fracking -- had a natural gas -- -- huge amount of natural -- we we -- more natural -- we know what to do with them we can literally use right now.
But it's the oil situation fracking can also be used to extract oil.
Is that going to actually be a big mover in terms of of actually moving the price of oil in the world.
That's that's a good question indeed and the potential that fracking -- for oil.
Not generally appreciated just what -- can do for the US for example.
Because of -- -- -- -- -- fracturing technologies the past two years the United States has increased its production of crude oil and natural gas liquids by.
One point three million barrels a day in by the end of this year or maybe two million barrels a day.
So it's that's on the basis five so it's an immense cheaply enough to move the price in the market announced yes -- -- can move the price -- market.
They can change dramatically the US picture of both -- employment side on the energy security side meaning there would be more energy jobs available what do the numbers you know the Obama administration has said the 60700000.
Jobs could be created do you feel that's a ballpark figure that's it that's not -- natural gas the 600 thousands for natural gas.
There's probably another two million jobs.
Good combination of these two technologies.
Can can bring back more than a third of the jobs that were lost the Great Recession but a but there would be training involved it doesn't just happen instantaneously.
Don't -- -- if it happens over time that's over 234 -- But if you look at United States economy overall for every 100151000.
Dollars -- GDP we get one job in this country.
For every if you for every million barrels of oil you import.
You don't use you save.
-- for two million -- for five million barrels a day you would saves.
-- two billion barrel two billion barrels here 200 billion dollars so that's for your 200 million dollars comes home so he takes place over three or four year period.
Now Howard -- somebody who's in the industry and obviously has a personal interest in bringing up gas and oil from from fracking however.
You know you got a huge fees from Harvard.
Two degrees from -- it's a you know how to talk -- and you don't think that all regulation is bad what regulation works.
In your business and what doesn't work.
But questioned so.
The reality is -- these technologies horizontal drilling and fracturing.
They're big industrial processes and all big industrial processes have environmental consequences.
The regulation which works would be regulation which is clear.
And consistent so that the energy industry can price it into the cost of doing business.
We've seen estimates of for example you can handle all the environmental issues in natural gas for maybe 25 cents -- and -- -- But -- -- used to be eight dollars and of CF it's now three dollars and -- -- from fourteen you know the purpose Miller watch them talking about an extra ten or twenty cents it doesn't really matter on the oil side as -- before five dollars a barrel.
As we finish this up Charlie Munger vice chair of -- Berkshire Hathaway's a pretty Smart guy.
He thinks ExxonMobil was one of the best run companies since the government would be better run if it ran itself like ExxonMobil but that said he said it is quote a stupid idea to try.
And use up our resources he said the -- gaining energy independence is -- that we should be using up.
The bad guys energy as much as possible and conserving our own it's a different way of thanking.
To -- -- thinking but I don't agree with that he started from the premise of resources are limited.
I start from the premise of resources to expand with technology.
And -- we've seen that with these new fracking technologies and these are not going twenty years ago nobody realized we had as much oil and gas as we do through fracking so you never know what kind of research we're gonna have two years from now that's right but the betting yes it's going to be more.
Howard Newman wonderful to see -- -- combatants is again appreciate and thank you.
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