‘Shark Tank' star Kevin O'Leary plans to build new US oil refinery to ‘do the right thing for America’

Kevin O’Leary says it will cost about $14 billion and wants to find a state to work with

O'Leary Ventures Chairman and "Shark Tank" star Kevin O'Leary announced plans to build a new oil refinery in America in an effort to reignite the nation's energy independence during "The Big Money Show's" playbook panel on Tuesday.

"I'm at that stage in my life where I want to do something big. And the task that I've decided I'm going to take on is, I'm going to build a refinery in America. I'm going to do it," O'Leary said.

"It's going to cost about $14 billion," he continued to detail. "I'm going to syndicate that debt and that equity. I'm going to find a state that wants to work with me. I'm going to get a permit and we're going to do the right thing for America. We have to have more refineries."

Responding to an audience member's question about what can be done to increase oil supply and lower gas prices, O'Leary noted that energy independence is a "top-three election issue," and that it comes down to policy over politics.


"The Middle East, that produces most of the world's oil, has already told every economy, including ours: do not depend on us in perpetuity for your energy; if you can find your way to energy independence, you do it and in fact, we'll invest in it for you because we have to supply energy to the entire world," O'Leary explained. "Unfortunately, no matter how much you think we're getting off hydrocarbons, it's not going to happen for 50 years."

Kevin OLeary announces oil refinery plans

O'Leary Ventures Chairman Kevin O'Leary announced plans to enter the oil industry with a brand-new refinery on "The Big Money Show" Tuesday. (Fox News)

The investor and entrepreneur added the urgent shift to renewable energy options is "not going to work," pointing out how a wind-powered aircraft wouldn't be able to fly passengers across the ocean.

"At the end of the day, we can make our own energy here very clean. We haven't built a refinery in America in decades because we can't permit it," the "Shark Tank" star said.


O'Leary, who's also known as "Mr. Wonderful," and his firm have been investing in America since the beginning of this year, managing nearly $45 million of North Dakota state funds to fuel business innovations in the state. He's also been outspoken about Democrat-led policies stunting economic growth.

"I think everybody should ask this of themselves. I live here in Florida, we're a pro-business state. I don't do business in California, New York, Massachusetts or New Jersey," O’Leary said during a previous "Varney & Co." appearance. "They're no-go states because of bad policy, high taxes, just places you don't want to invest your money... California is not even open for business, in my opinion, so I would never put money there."