Billionaire Wilbur Ross: ‘Fiscal Cliff,’ Energy Comments

Billionaire Wilbur Ross of W.L. Ross & Co. was one of the voices who said before the election that an Obama second term would mean a recession for the U.S. economy, already limping through a weak recovery from a previous recession. Now, just after the election, Ross was on the Fox Business Network this week to comment about an Obama second term, the impending “fiscal cliff” of tax hikes and deep spending cuts that are due to kick in January 1, as well as the future of energy.

INVESCO PRIVATE CAPITAL Wilbur Ross

“If (President Obama) doesn’t exert leadership and solve the fiscal cliff, we will (go into another recession), Ross said on Fox Business Network. “The reason this should get done is that this is not your typical lame-duck Congress. The Republican leadership is the same, the Democratic leadership is the same, the president is the same. They’ve all seen this movie before, so there is really no reason for them to delay during this so-called lame-duck period.”

After that question, Ross was asked about his history of buying into distressed companies, including coal companies. He was asked whether he could entertain the possibility of getting back into the coal market knowing that it is suffering like before when Ross first jumped in.

“I think the recurrence of the Obama administration is bad for coal,” Ross said. “The EPA has gone so far with trying to enact, by rulemaking, things that Congress had voted down. The EPA is quite adverse to coal, as far as I can tell.”

When it comes to other forms of energy, Ross was asked about the efficacy of natural gas, as it burns cleaner than coal, is being used more in the general marketplace and the U.S. has immense supplies. Would Obama be open to more natural gas production, perhaps getting the approval of both energy companies and environmentalists?

“I think natural gas could have a transformative effect on the whole economy,” Ross said. “And it’s not just the shale gas, it’s also the … oil that is found associated with it. We could be reducing our energy imports by 4.5 million barrels a day if there is no interference with it. … And we could become, or start to become, a net exporter of petroleum products. Think of what a game-changer that is.”

The full video clip from Fox Business Network with Wilbur Ross can be found here.

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!