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Energy XXI CEO John Schiller on the potential fiscal cliff’s impact on the energy sector and whether the U.S. can achieve energy independence.
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Same thing -- out of well from gold to oil oil prices heading -- -- -- two days of gains when global oil go we go over the fiscal cliff but certainly a question that people Bosnia what will it mean for the entire energy industry.
Joining us now as the chairman and CEO of one of the fastest growing oil and natural gas produces.
And -- to anyone's John -- John thank you so much for being here I mean how do you how are you planning for this fiscal cliff -- what impact would it have.
On your energy company.
Blown -- obviously actually we over a cliff and it starts affecting the economy.
It's gonna start having some impact -- all -- who has -- impact -- oil prices.
Will be you know monitor and see whether we need to come back to our capital program.
Now -- company.
You save your notes I see you'd like energy 21 to deliver twice the energy and then some.
Has government regulation slowed you down in that effort.
You got a -- coming out of the moratorium -- definitely slowed us down but now that we all understand the reds and -- gotten used to dealing with a it's it in -- of their activities it's fairly mundane things are going about whoever do our business.
We talk about energy independence.
Will that ever happened what getting closer and closer to -- -- John is that a good thing I mean it would appear to be.
But I can't imagine Saudi Arabia would be very happy about it.
Yeah I think you know I think he got to remember that people like to talk about American forget about the rest of the world.
America's gonna make some great -- ways he's the developing nations.
I'm actually decline and -- consumption since 2007.
By about six million barrels.
But the developing nations around the world are up ten million barrels since the increase in demand so I think of the US we have a legitimate chance of reducing.
Our independent film on four roll -- imports.
But around the world the developing nations are now consuming more all the development nations consume more all the developed nations so I think you -- -- -- pretty.
Pretty high demand growth and no decent amount of pressure on all prices -- on the oral.
But does that mean that -- held hostage does that mean that clarity you know everything OPEC does every time we see unrest in the Middle East we see a spike in oil does that mean with the more the whip producing here in the US that we won't be impacted.
By that as much.
Yeah I mean the -- domestic supply we have the less we depend on the -- of the world no question.
The probably has looked as a world -- isn't the only two million barrels a day roughly what the production as.
And that's about a million barrels a day of excess capacity so any little flare up in the Middle East is -- -- impact world oil prices.
So do you for.
It will be energy independence.
Anytime soon -- almost left.
Cap -- -- -- to that by 2020 we have a legitimate shift between all our natural gas from Graham on.
And they all that -- braille on that we could be on energy equivalent basis independent I think we'll still be.
Importing the wall and exporting gas is LNG.
Very good interesting stuff John Schiller chairman of energy 21 John thank you so much we appreciate it.
Thank you I'm -- Munich.
