U.S. on the Way to Becoming World?s Top Oil Producer?

This transcript is automatically generated

To the wire right.

The International Energy Agency did you see this prediction.

Says that the US will become the world's largest oil producer in just five years.

This next oil and natural gas CEO says we have the technology to do it while keeping prices low.

Gary Evans is the chairman and CEO of Magnum hunter resources.

There and oil and natural gas and we welcome him here Gary good to see yet.

-- Gary you know -- goes wherever we find something of value immediately the government comes in wants to tax it more if they haven't taxes -- all yet.

I carbon tax that is the subject was raised today with -- president do you expect are you working into your projections.

The possibility.

Abandoning pay more in taxes to the government.

any doubt that with this administration being reelected debt.

The bull's -- on our industry that's it's unfortunate because -- guess industries the one.

Business in the United States that can bail this country are the message -- and -- by just leave us alone let this go find the polling guess we've been discovered in the shale plays we can.

-- country's problems so -- taxing the industry is -- something that all executives and our business are worried about right now.

You revenues -- a 110%.

OK let me step accidentally hit and -- Mike is to offer about how are you want to -- take it day by.

A -- we're gonna fix was -- is Mike right here one question that I have this is about the question which is a bigger.

Part of the industry for companies that are are doing fracking of shale whether it's oil or gas right now.

Everybody thinks of natural gas when they think of fracking.

But is actually.

Oil the real -- the real bonanza here.

Well that the beauty of the shale plays that we discovered -- mean we've always known shale existed in.

In the -- this just that we didn't have the technology to drool them horizontally or fracture stimulate -- so that we could extract -- out.

So we got so good in the last 45 years -- finding.

New natural gas in.

Plays like the -- the Barnett.

And the Fayetteville in the Marcellus now is -- gas prices we drove them down for over ten dollars and CF down to two dollars this past year.

So -- United States in the US consumer is.

-- joined the lowest gas prices of any country any citizen of the world because we've been able find so much of it.

So because of that fact.

Or gas companies have taken their capital and -- use that same technology in the all Reza boards and that's why you're seeing.

Feels like the eagle for Dennis out taxes in the Bakken up in North Dakota Saskatchewan.

Take off collecting -- interest --

OK so -- a let let me go back to this at the International Energy Agency and this is what we began with the -- that the US will overtake it's almost seems unbelievable the US will overtake Saudi Arabia as the top oil producer in just five years.

To what do you attribute that -- mean he started off by taking a real swap at this administration and yet as I mentioned you've done really well.

Under this administration with great revenues and the overall industry is is really charging ahead to be able to do this whether it's on private rights -- not.

we've done really well despite this administration.

Think about it there's no federal lands being -- so we're doing all this home privately and these are citizens of the United States -- own.

The big old mineral rights we've done this without a Keystone Pipeline bringing all down the United States we've done this with a moratorium on offshore drilling.

After the BP disaster so.

Yes we've done -- own our own and it's because of the ingenuity of the energy industry in the executives in the management the people that are.

out at how well she'll get real you also look at absent tax benefits certainly mean that that's been at the focus of what a lot of people saying if if a lot of Americans have to suffer and and loopholes have to close and perhaps the oil industry might but.

You know the point is that you guys have been in you know you you've shown ingenuity and that's a good thing is that not.

It is in we've done it without government support we re not like the solar industry but the wind industry -- to have all these tax.

Benefits we don't have a with the tax benefits still -- guess in -- have are miniscule compared to other industries.

And ain't so we're not giving any kinda help from the government and we're doing our jobs and fortunately we've been able to.

-- successful win we're gonna -- take this technology start just the United States.

Other countries around the world are all coming over here trying to figure out what have you guys figured out.

This gonna create the united states of -- energy independent country it's unheard of -- very believable very quickly we got to run one reason gas is so cheap peers because.

We can't we can't get it abroad and and there's not there's not a completely open global market for natural gas.

How do we be able how do we get to the point we're we're you guys can.

Get the gas here in and ship -- abroad.

Well we gotta have LNG facilities liquefied natural gas -- were selling natural -- today for about 350 to 37 million in Syria.

Japan China Korea.

They're paying thirteen to fourteen dollars and -- so shouldn't we be able to build LNG facilities that we can ship this product.

We've got a 200 year supply ship it overseas -- they didn't -- again -- all these new jobs that.

That we need in this country.

Gary Evans Magnum hunter resources chairman and CEO thank you so much for joining various.

Thank you appreciate it.

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