‘Shark Tank’ Star in Talks with Oklahoma for New Oil Refinery
While it has been a talking point for a few weeks now, small details are starting to leak on what Shark Tank star Kevin 'Mr. Wonderful' O'leary is planning across America. He's on a mission to build new oil refineries.
"That's crazy, there hasn't been a new oil refinery built in the last fifty years!" Says all the old-timers in my oil-boom hometown. And it's true. Oil refineries have become too expensive to build over the last few decades, until now.
Call it an upside of our record inflation, investors across the country are looking to hop on this next oil boom before it goes bust.
O'leary has recently been talking and shopping around his plans for a $14billion refinery to be built up in North Dakota, but he insists he's not stopping with just the one. He's currently in talks with Oklahoma and Texas to build more in the future.
@kevinolearytvWe must solve for energy independence in this country. I will not stop until I’ve built some refineries. It’s the right thing to do for America!
This isn't the first new refinery pitch for Oklahoma in 2023...
Back in May, Southern Rock Energy Partners announced a plan to build a new mid-sized oil refinery in Cushing, Oklahoma--AKA--The Oil Capital of the World. Since Cushing basically sets the price of oil in the US, it's a fitting place to make products.
The difference between Southern Rock and O'leary's refinery bids is, O'leary wants to build huge, high-output, major oil refineries across the country. Oklahoma and oil & gas go so hand in hand, it might as well happen here.
Or course, as everything is in life, this plan has its fair share of pushback to it. In a time when green renewable energy and electric vehicles are the goal, people think refineries are the riskiest of investments.
It's probably fair to say that electric vehicles will be the affordable norm someday, but lithium-ion isn't going to be the battery that gets us there. It's too expensive to manufacture for the small output it offers. As technology goes on, someone will discover the next big break in battery tech, but experts predict it'll be another 50 years before science makes that breakthrough.