Policies that allow for the extraction of natural gas and oil in the country's shale deposits could transform the U.S. economy by creating jobs and improving the country's balance of payments, said Wilbur Ross, chairman and CEO of WL Ross and Co.
Attempts to burden the energy sector with heavy-handed regulation could wipe out growth in the sector and crimp a sector otherwise poised for lasting growth.
"We are very keen on shale gas. We have been for quite some time. I think it's the one thing that could transform the economy, and the great thing about it is it doesn't need any federal money," Ross told Newsmax TV in an exclusive interview. "All it needs is the federal people not to over-regulate and let it flourish."
Investments are flowing into the sector, Ross points out, meaning jobs are sure to follow if policy cultivates drilling of fossil fuels and doesn't hamper it.
"You are seeing BASF, the big German chemical company, putting a plant into Louisiana instead of into Germany. You are seeing Dow Chemical for the first time put chemical plants back into the U.S. because shale gas and the related type oil are, in fact, the feedstocks for chemicals and plastics and all sorts of things," Ross said....
(Excerpt) Read more at moneynews.com ...
