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Wilbur Ross: More Drilling Would Transform Economy

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    Billionaire investor Wilbur Ross on the energy debate.

  • Duration 4:59
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This transcript is automatically generated

That's a problem.

In the last four years you cut permits and licenses on federal land in federal waters in half not true governor Robert so how much should you cannot -- by how much you can -- them and governor we're actually produce more or don't know how much -- pet licenses and permits on federal land of federal money governor Romney here's what we did.

But our whole bunch of -- I don't know I didn't had a question and the question was how much like at the moment answer -- -- on black.

I'm happy to answer the question I Kennedy is here at what happened.

You had a whole bunch of oil companies.

Who have leases on public plans that they weren't -- So what we said was.

You can't just sit on this for 102030.

Years decide what you want to drill when you wanna produce.

When it's most profitable for -- these -- public plants.

So if you want to drill on public plans you use it for you lose OK that's what we did was take -- those leases and we are now re letting them.

So that we can actually make crops and production have private and -- -- question -- down nodal -- -- government land of oil is down fourteen government and production.

Yes it is -- 9% that's just not true it's actually true.

All right that was heated exchange overall whether the president and misrepresenting itself saying that he's allowed more -- drilling and the search for energy supplies.

On federal land which -- -- in this case governor Romney said it.

It's just not the case oddity as you can see these credits of -- -- will the -- very big and all things energy very -- -- can -- -- -- gases that are.

What did you make of that exchange.

Well I think first of all of the facts showed good -- mr.

Romney was correct when the president was not too.

They have not had more drilling fed movement.

Someone we see more drilling it's on private client side so that this they would do it and and -- as you -- both together.

Net debt we're drilling -- we're searching for lots.

Well what's been happening particularly in shale gas in one of the areas.

The EPA is drilling wells to see if there wells and pollutes the land.

This is a weird thing for regulatory body to be doing really their own wells looking for -- What do you may notice is -- -- -- on the editing and gas prices being hampered they were.

Old forty years ago employees with a look -- it or is it a couple -- -- I don't what was he was the president saying well we rid of recession for years ago.

Reverse the role of recession isn't what put gas prices down anymore it then the men in the move.

Gas prices -- -- in.

For a whole different reason they're up for a whole different music refineries and America have been forced to close because the DPS.

Half the refineries have been getting sold.

Private equity groups are taking the move really very cheap prices -- and some -- and they can work.

So it didn't -- it became president -- He would presumably ease those rules and Democrats argue.

He would ease.

The environmental protections as well and they would be -- greater risk of a disaster.

That's one of the arguments -- respect.

What I -- is -- take shale -- they worry about killed games there have been one million wells drilled from sixty years.

Name me one big environmental incident that's occurred with the million wells drilled.

So -- we had a lot of drilling.

It in these years Wilbur.

A lot more than we do.

What do you think we'd be seeing this.

-- well I think gas prices would be definitely lower -- good remembered big portion of gas prices tax -- that part of presumed to be up.

But more importantly -- -- more drilling our economy would be transformed.

And we could be a net exporter of petroleum products instead of into the didn't work.

-- Then the chemical industry would be revived its not -- -- -- -- -- -- -- -- -- -- So real quickly who won this debate.

Well I think from new wounded in -- sentinel -- Romney's record.

But it came into this tonight.

Thinking -- Romney had to do was not -- I think he clearly one he took charge of the debate in the beginning the moderator.

Agreed with those who run that Obama had misstated.

What he said in the Rose Garden about the -- -- -- What she did corrected to say he did say terror so it could cut both ways but but bottom -- you think Romney did well enough.

-- -- -- -- -- Well I think you did more than wound up in the past polls who -- that.

Good to go but what's the betting pools in the mid -- -- at that they had ahead to Obama's 6535.

Of that too little change in the next new thing.

Yeah well you never know it is -- One thing about the -- about the way --

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