Mukesh Ambani says US could become energy independent by 2018

Mukesh Ambani, chairman Reliance Industries Ltd. (IN:RIL) said the United States of America could become energy independent as early as 2018 considering the fast paced growth of its shale oil and gas sector.

Reliance Industries Ltd. (IN:RIL) operates the world largest oil refineries fleet. Ambani also said that the Americans have been hoping to be self reliant in the power and energy sectors “For many decades” however he never saw prospects for real growth in this direction, until quite recently.

Wile is talking to the TV show’s anchor, he said, “realistically” speaking he could see the American dream coming true, in the coming “five to seven years”. The US energy sector will fundamentally transform in the coming fiscal year, freeing the country of its reliance on imported energy.

I am “optimistic” that global economy especially the US market will start to recover from fiscal crunch beginning “this year”, he said.

In response to the potential impacts of armed intervention in Iranian territory on the oil prices he said the global energy market had enough “spare capacity” to deal with the “eventualities”. About 85% of the energy consumption in America consists of oil, natural gas and coal. Oil accounts for almost 40% of the total annual energy consumption in the country.

The 55 year old, billionaire would be talking further on the subject in an interview to a popular news channel.

The Reliance Industries Ltd. (IN:RIL) shares were down by 1.07% to close at $836.55

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Published by Viraj Shah

Viraj Shah has done M.Com (Finance) and currently pursuing CFP. He is a technical analyst who tracks US markets along with other global markets like India very closely. He is very passionate about stocks and believes that money can always be made in market.

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